Yip was found to have completed six sets of individual financial statements (IFSs) for two personal guarantors of a corporate client without their consent and without confirming with the guarantors the accuracy of the information the statements contained.
Moreover, Yip ws found to have forged the personal signatures of the two guarantors on the documents.
“Yip’s conduct made it appear that the net worth of the two personal guarantors was not an estimate, but had been confirmed and warranted as correct by them,” noted HKMA in the statement.
The infractions took place between 2011 and 2014, when Yip was employed by Standard Chartered Bank (Hong Kong). In was not until 2015 that the two personal guarantors found out about the forged IFSs.
In the process of investigation, Yip admitted that he had completed and signed the documents for the sake of convenience. HKMA noted that he had been cooperative, admitted his wrongdoing and that he had no previous disciplinary record with the HKMA or the SFC.
“Having taken into account all of the relevant circumstances of the case, the MA is of the opinion that Yip is not a fit and proper person to be a relevant individual,” the HKMA said in the statement. A “relevant individual” is a person who is licenced to carry out a function regulated by HKMA.
According to the statement, Yip is currently employed by another financial institution.
HKMA records show that since August 2016 Yip has had a Type 1 licence for dealing in securities, and a Type 4 licence for advising on securities at Taipei Fubon Commercial Bank. However, those licences have now been suspended.
