繁

SFC bans Ma Kwok Ho and Gee King Yip

Issue date: 2021-11-09 16:45:00

The Securities and Futures Commission (SFC) has banned Mr Ma Kwok Ho and Mr Gee King Yip, both former licensed representatives of Win Wong Securities Limited (Win Wong), from re-entering the industry for two years and 16 months respectively for breaches of the SFC’s Code of Conduct (Notes 1 to 3).

Ma Kwok Ho

The disciplinary action follows an SFC investigation which found that between March 2011 and January 2017, Ma effected discretionary trades in three clients’ accounts without obtaining their prior written authorisation.

The SFC considers that Ma failed to act with due skill, care and diligence and in the best interests of the clients.  Ma’s conduct was prejudicial to the clients’ interests as it prevented Win Wong from monitoring and supervising the operation of their accounts and the clients were deprived of the protection to which they were entitled under the Code of Conduct (Note 4).

Gee King Yip

The disciplinary action follows an SFC investigation which found that Gee traded in stocks jointly with a client of Win Wong in the client’s accounts, without having his own transactions separately recorded and clearly identified as transactions for an employee of Win Wong between May 2015 and August 2016.

By trading in stocks in his client’s accounts instead of his own employee account, Gee prejudiced the interests of his employer and the client, as Win Wong was prevented from monitoring its employee’s transactions and detecting any irregularities in such transactions.

Gee also allowed another licensed representative employed by Win Wong to conduct discretionary trades in the account of his other client without obtaining the client’s prior written authorisation between November 2011 and October 2016.

By allowing another licensed representative of Win Wong to conduct discretionary trades in the client’s account without obtaining her prior written authorisation, Gee prejudiced the interests of the client as she was deprived of the protection to which she was entitled under the Code of Conduct (Note 4).

The SFC is of the view that both Ma and Gee are guilty of misconduct and their fitness and properness to carry on regulated activities have been called into question.  In deciding the sanctions, the SFC took into account all relevant circumstances, including their otherwise clean disciplinary records.

End

Notes:

1. Ma was licensed under the Securities and Futures Ordinance (SFO) to carry on Type 1 (dealing in securities) regulated activity and accredited to Win Wong between 25 September 2007 and 26 June 2017.  He is currently not accredited to any licensed corporation.  He is banned from entering the industry from 19 October 2021 to 18 October 2023.
2. Gee was licensed under the SFO to carry on Type 1 (dealing in securities) regulated activity and accredited to Win Wong between 16 June 2006 and 31 March 2019.  He is currently not accredited to any licensed corporation.  He is banned from entering the industry from 9 November 2021 to 8 March 2023.
3. General Principle 2 and paragraph 7.1(a)(ii) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct).
4. Paragraphs 7.1(b) to 7.1(d) of the Code of Conduct require specific procedures to be followed for the opening and management of discretionary accounts.
5. Copies of the Statements of Disciplinary Action in relation to Ma and Gee are available on the SFC website.

News captured as of:2021-11-09 16:50:01

Source: SFC