Liu, a former securities service manager at Wing Lung Bank in Hong Kong, was barred from re-entering the industry for life after she was sentenced to nine years and four months for fraud, according to a statement from the regulator.
“Liu fraudulently represented to three customers about certain high return investment products,” leading to losses of HK$25.8m ($3.3m) between 2010 and 2014, the SFC said.
She persuaded three customers, including two of her relatives, to buy equity-linked derivative products totaling HK$41.4m, but did not process the transactions and faked the documents to two of the customers, according to the High Court judgement.
A client noticed delays in interest payments and confronted Liu. She later admitted the fraud to the client and promised to return all the money in two days.
Liu was arrested after the client called the police.
She was sentenced to 10 years and four months of imprisonment on 27 October 2015 after her conviction for three counts of fraud. She appealed successfully last month to have her sentenced reduced to nine years and four months.
“Liu is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her convictions,” SFC said.
