HK regulators ban trader for life

Added 13th January 2015

The Securities and Futures Commission has put a lifetime ban on a derivatives trader who fled Hong Kong after being caught concealing risk and losses.

HK regulators ban trader for life
Jagjit Singh Dhillon, a former trader at Credit Suisse Securities (Hong Kong), is prohibited from entering the industry again because he "took various steps to cover up the losses and the real level of risk exposure in his trading books", the SFC said.
The actions took place in May 2012 and included booking fictitious trades and entering incorrect market data in the trading books.
"Dhillon's conduct led to an overstatement in the level of profits and an understatement in the level of risk exposure in his trading books, resulting in Credit Suisse having to make negative adjustments of $5.4 million to the cumulative monthly profit and loss figures for its trading books" the regulator said.
"Dhillon also provided his supervisors with false information when they first became suspicious of the activities in his trading books.
"The dishonest nature of his conduct demonstrates that he presents a serious risk to confidence in the financial market."
In June 2012, the SFC contacted Hong Kong police, who arrested Dhillon. 
However, holding charges were withdrawn in May 2013 due to lack of co-operation from key witnesses and Dhillon fled Hong Kong, the regulator said.

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