Hong Kong SFC Issues Lifetime Ban on ex-Standard Chartered Bank Insurance Specialist Chan Ka Him after His Criminal Fraud Conviction with 20 Months Jail Sentence, Transferred $235,000 for Insurance Premium Payments from 2 Clients to His Bank Account in 2019
7th January 2025 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has issued a lifetime ban on ex-Standard Chartered Bank insurance specialist Chan Ka Him after his criminal fraud conviction with 20 months jail sentence, transferring $235,000 for insurance premium payments from 2 clients to his bank account in 2019. Hong Kong SFC (6/1/25): “The Securities and Futures Commission (SFC) has banned Mr Chan Ka Him, a former insurance specialist of Standard Chartered Bank (Hong Kong) Limited (SCB), from re-entering the industry for life following his criminal convictions for insurance fraud (Note 1). Chan was sentenced by the District Court on 2 February 2024 to 20 months’ imprisonment after his convictions for three counts of fraud and one count of attempted fraud (Note 2). The Court found that Chan was assigned to a branch of SCB in Wan Chai at the material time, and his job duties included the promotion of insurance products issued by external insurers to the bank’s clients. Between January and March 2019, Chan assisted two clients in taking out insurance policies with an external insurer. Between August and September 2019, Chan induced one of them to transfer US$52,300 to a bank account connected to him. He also induced the other client to transfer over HK$420,000 to the same bank account during the same period. Chan did so on the pretence that the transfers would be used to settle premium payments with their insurer. He subsequently attempted to cancel the clients’ insurance policies by falsely representing to the insurer that they wished to do so. The SFC considers that Chan is not fit and proper to be a regulated person due to his criminal convictions.”
“ Hong Kong SFC Issues Lifetime Ban on ex-Standard Chartered Bank Insurance Specialist Chan Ka Him after His Criminal Fraud Conviction with 20 Months Jail Sentence, Transferred $235,000 for Insurance Premium Payments from 2 Clients to His Bank Account in 2019 “
Notes:
- Chan 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 between 1 September 2018 and 16 October 2019. Chan is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- The Reasons for Verdict and Reasons for Sentence for this case (case no. DCCC 1157/2022) are available on the Judiciary’s website.
Hong Kong SFC Issues Lifetime Ban on ex-Standard Chartered Bank Insurance Specialist Chan Ka Him after His Criminal Fraud Conviction with 20 Months Jail Sentence, Transferred $235,000 for Insurance Premium Payments from 2 Clients to His Bank Account in 2019
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