.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has suspended the enrollment of LI Shek Flavor for nine months due to transgression including the construction of a client's signature.
The Hong Kong Monetary Authorization (HKMA) has actually introduced the suspension of Mr. LI Shek Tang's registration for nine months, following an examination into misconduct. The disciplinary action was actually taken under part 58A( 1) of the Banking Ordinance (Phase 155 of the Rules of Hong Kong) and also will work coming from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Misconduct.The investigation showed that in March 2023, LI xeroxed a client's trademark on an opportunity down payment application form to scam his working with financial institution in to believing it was actually authorized by the customer. Although this process was actually not executed during a controlled activity under the Stocks and Futures Ordinance (Section 571 of the Regulations of Hong Kong), it elevated serious issues concerning LI's honesty and honesty in executing controlled activities.The HKMA has actually calculated that LI is actually certainly not a fit and also proper person to become a relevant individual, referencing area 129( 1 )( c) and also (d) of the Securities and also Futures Regulation as well as the Match and also Correct Guidelines released due to the Stocks and also Futures Commission.Official Statement.Mr. Raymond Chan, Exec Director (Administration and AML) of the HKMA, discussed the lawsuit, saying, "Fabrication of a customer's signature is a dishonest act. It mirrors adversely on the individual's fitness and properness to carry on moderated tasks. The HKMA notices that there has been a surge in the lot of administration cases including falsehood of customer trademarks just recently. Our company are actually dealing with the Hong Kong Association of Banks to help remind financial institutions of the need for building a solid conformity culture within their purchases groups through regular training.".Previous and Current Affiliations.At that time of the incident, LI was engaged through Hang Seng Bank, Limited for Types 1, 4, and also 7 managed activities under the Securities as well as Futures Ordinance. Currently, LI is actually accredited to yet another licensed institution.The HKMA's selection highlights the relevance of preserving high ethical criteria within the economic field to ensure the integrity as well as trustworthiness of financial professionals.Image source: Shutterstock.