The SFC has found that Yeung Leung Yuen conducted five unauthorised stock transactions in a client’s account on 30 March and 1 April 2016.
Yeung, who is male, entered the orders by impersonating the client, who is a woman, over the telephone via Citibank’s stock trading hotline, according to the regulator.
The five transactions in four stocks amounted to HK$651,354 ($83,723). The bank subsequently unwound them upon their discovery on 7 April 2016. It absorbed the loss of HK$22,233 and the affected client did not suffer financial loss, the SFC said.
Yeung was a relationship manager at Citibank between 29 August 2013 and 6 April 2016. He was licensed by the SFC to deal in securities (Type 1 licence) and to advise on them (Type 4 licence). He is currently neither registered with the Hong Kong Monetary Authority nor licensed by the SFC to work in Hong Kong’s financial industry.
The SFC’s disciplinary action bans him from re-entering the industry for three years.
The SFC took into consideration mitigating factors that Yeung did not receive monetary benefits from the transactions and that his prior record with SFC was otherwise clean.
