Hong Kong SFC Bans Former Standard Chartered Banker for 3 Years & Mother Sentenced to 160 Hours of Community Service, Conspired to Open Accounts to Achieve Quarterly Incentive Payout of $575
21st July 2022 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has banned former Standard Chartered Banker (Lam Ki Fung) for 3 years (2022 to 2025) for conspiring with his mother to open payroll accounts to achieve quarterly incentive payout of $575 (HKD 4,520) in 2017. Hong Kong SFC: “Lam, who was a business development officer of SCB at the material time, had opened payroll accounts at the bank for 5 customers procured by his mother. His mother then transferred monies – ranging from $80,000 to $200,000 – from her personal bank account into the five payroll accounts, with a view to improving her son’s work performance at SCB. Lam subsequently reversed the transactions by transferring the same amounts from these payroll accounts back into his mother’s personal bank account without the knowledge or authorisation of the five customers. As a consequence of his dishonest conduct, SCB paid Lam an additional quarterly incentive of $4,520 after including in his performance assessment the monies his mother had transferred into the customers’ accounts.” The SFC ban was announced following his & his mother criminal conviction. On 29 March 2021, Lam and his mother were convicted by the Eastern Magistrates’ Court on a joint charge of conspiracy to defraud under common law and section 159C(6) of the Crimes Ordinance (Cap 200). Lam was sentenced to 160 hours of community service on 20 April 2021.
“ Hong Kong SFC Bans Former Standard Chartered Banker for 3 Years & Mother Sentenced to 160 Hours of Community Service, Conspired to Open Accounts to Achieve Quarterly Incentive Payout of $575 “
HK SFC Licensed Person
Lam Ki Fung was a relevant individual engaged by SCB to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance from 26 July 2016 to 17 June 2019. Lam is currently not registered with the Hong Kong Monetary Authority (HKMA) or licensed by the SFC.
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