SFC bans former RM for eight months

Added 26th January 2016

A former relationship manager at the Bank of East Asia failed to disclose a past criminal conviction, the regulator said.

SFC bans former RM for eight months

Liu was convicted in November 2010 "for promoting and selling offshore funds to Taiwan investors without regulatory approval when she was a licensed representative accredited to CITIC Securities Brokerage (HK) Limited and CITIC Securities Futures (HK) Limited", the regulator said.

Liu was sentenced by the Taiwan Taipei District Court to four months imprisonment and fined NT$1.2m ($35,700), suspended for four years, the SFC said in a statement. She was also ordered to pay a total sum of NT$300,000 to Taiwan’s National Treasury.

In September 2012, Liu joined the private banking department of the Bank of East Asia as a relationship manager.

Liu "failed to notify the SFC of her criminal conviction in Taiwan in 2010", the regulator said.

“The SFC also found that Liu had made false declarations to the Bank of East Asia Limited, her subsequent employer, in that she did not disclose the criminal conviction in the job application form and self-declaration form submitted to the bank in 2012.”

Liu disclosed her conviction record in Taiwan on 5 September 2014 to her then supervisor at BEA after she received a letter from the SFC in August 2014 informing her of its investigation into her failure to disclose her conviction in Taiwan to the SFC. She resigned from the bank on 8 September 2014.

She is banned from re-entering the industry for eight months from 19 January 2016 to 18 September 2016.

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