Life time ban on a securities broker

Added 15th June 2015

Life time ban on a securities broker

Yu Chun Chieh worked with QMIS Securities (Asia), previously known as Zavori Securities (Asia), from 11 April 2013 to 3 January 2014, as a licensed representative.

In May 2013, Yu persuaded a Taiwan-based investor to deposit money into Yu’s private bank account in Hong Kong so that a stock trading account could be opened. 

The investor transferred around HK$3.9m ($500,000) into Yu’s bank account in June.

But Yu did not open an account at the brokerage firm for the investor or use the money to invest in any funds on the client's behalf. Instead, he transferred the money to his own Taiwan bank account. 

Furthermore, to cover his misconduct, he sent false account statements showing that certain funds had been invested in. 

“Yu’s appropriation of the investor’s money is dishonest. The seriousness of his misconduct is aggravated by sending the investor false account statements. As a result, Yu’s fitness and properness to be a licensed person has been gravely called into question,” the SFC said.

Yu has been arrested by the police and charged with the offence of theft.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address


FSA Investment Forums: Singapore & Hong Kong 2016

Singapore, Tuesday 25th October

Hong Kong, Thursday 27th October

FSA Investment Forum: Manila 2016

Wednesday 23rd November