Hong Kong SFC Bans Hong Kong Dah Sing Bank Relationship Manager for Life After Fraud Conviction with 2 Years & 8 Months Jail, Persuaded Elderly to Sell & Reinvest to Earn Higher Interest Yield But Transferred All $152,000 to Personal Account to Repay Debts
2nd March 2023 | Hong Kong
Hong Kong SFC Securities & Futures Commission (SFC) has banned Hong Kong Dah Sing Bank former Relationship Manager (Chan Wai Chun) for life after a Hong Kong court fraud conviction with 2 years & 8 months jail sentence. In March 2021, Dah Sing Bank former Relationship Manager (Chan Wai Chun) had persuaded an elderly to sell & reinvest in another fund to earn higher interest yield but transferred all $152,000 (HKD 1.195 million) to personal account to repay debts. Hong Kong SFC: “The District Court found that in March 2021, Chan persuaded an elderly customer of DSB to redeem her investment in a fund and reinvest the redeemed amount in another fund to earn higher interest yield. The customer agreed with Chan’s suggestion and signed some documents under Chan’s instructions for the redemption. However, Chan never invested in any new fund for the customer and later transferred $1,195,000 from the customer’s account to his personal account and used the money to repay his own debts.” See below for more info.
” Hong Kong SFC Bans Hong Kong Dah Sing Bank Relationship Manager for Life After Fraud Conviction with 2 Years & 8 Months Jail, Persuaded Elderly to Sell & Reinvest to Earn Higher Interest Yield But Transferred All $152,000 to Personal Account to Repay Debts “
Hong Kong SFC Statement
The SFC considers that Chan is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of his criminal conviction (Note 3).
Notes:
- Chan was registered with the Hong Kong Monetary Authority (HKMA) to act as a relevant individual engaged by DSB in respect of Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance between 29 January 2021 and 1 April 2021. Chan is currently not registered with the HKMA or licensed by the SFC.
- Chan was convicted of one count of fraud, contrary to section 16A of the Theft Ordinance at the District Court and was sentenced to two years and eight months’ imprisonment on 25 July 2022.
- Please see the Reasons for Sentence (Case No.: DCCC 744/2021) which is available on the Judiciary’s website.
Dah Sing Financial Group
Dah Sing Financial Group (the Group) is a leading financial services group in Hong Kong, active in providing banking, insurance and other financial-related services in Hong Kong, Macau and Mainland China. Established in Hong Kong 75 years ago, the Group now comprises two listed companies, Dah Sing Financial Holdings Limited (DSFH; SEHK: 0440), which has been listed on the Hong Kong Stock Exchange since 1987, and Dah Sing Banking Group Limited (DSBG; SEHK: 2356), which has been listed on the Hong Kong Stock Exchange since 2004 and whose majority shareholder is DSFH.
DSBG has three wholly-owned banking subsidiaries in the Greater Bay Area, including Dah Sing Bank, Limited (DSB), Banco Comercial de Macau and Dah Sing Bank (China) Limited, with a combined footprint of around 70 operating locations in Hong Kong, Macau and Mainland China. It also offers securities trading services through Dah Sing Securities Limited. DSB’s long term rating assigned by Moody’s and Fitch is “A2” and “BBB+” respectively. Additionally, DSB holds an approximately 13% strategic shareholding in Bank of Chongqing. Bank of Chongqing is a leading city commercial bank in Chongqing, the largest city in Western China, with a local branch network of over 100 branches. DSFH is also the holding company for the Group’s other non-banking businesses. Through Dah Sing Insurance Company (1976) Limited and Macau Insurance Company Limited, the Group offers a wide range of general insurance services in Hong Kong and Macau. Meanwhile, it also offers pension fund management services in Macau through Macau Pension Fund Management Company Limited.
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