The false claim that Li had sold certain unit trust funds and an insurance product to five customers in 2012 led HSBC to pay Li sales commission and process the subscription orders and insurance applications of the customers, according to a statement from the regulator.
In July 2016, she was imprisoned for 10 months for this offense.
The SFC has now placed a lifelong ban on her re-entering the industry.
Li’s case is part of a bribery and fraud case that involved two other former HSBC wealth managers, Steve Chow and Chau Hang-yu, according to a December statement from the Independent Commission Against Corruption.
In September 2012, Chow proposed to Li to falsely act as the handling sales officer of the insurance application and unit trust subscription orders, which were actually handled by Chau. At the time, Chau had reached her sales commission ceiling.
HSBC was misled that Li was the handling sales officer of the products and awarded her a total of HK$118,400 ($15,259) in commissions.
In November 2012, Li gave Chau HK$55,000 in cash at a coffee shop in the presence of Chow.
Chau and Chow were sentenced to jail in February last year for 12 and 18 months, respectively, according to an ICAC.
Chow’s jail time has been extended to an additional eight-and-a-half months on a separate charge in the same case in which he defrauded the bank of commissions, according to the ICAC.
In September 2016, the SFC banned Chau and Chow from re-entering the industry for life, according to separate statement by the regulator.
Li, Chau and Chow previously carried licences for dealing in and advising on securities. They are currently neither registered with the Hong Kong Monetary Authority nor licensed by the SFC, according to the regulator.
