SFC bans thief Chan Wai Chun, ex-Dah Sing Bank, for life
Last year he was jailed for 32 months for ripping off an 86 year-old client, Madam Chan Kin, for HK$1.195m.
SFC bans Chan Wai Chun for life
Issue date: 2023-02-27 16:34:07
The Securities and Futures Commission (SFC) has banned Mr Chan Wai Chun, a former customer relationship manager of Dah Sing Bank Limited (DSB), from re-entering the industry for life following his conviction for fraud (Notes 1 & 2).
The District Court found that in March 2021, Chan persuaded an elderly customer of DSB to redeem her investment in a fund and reinvest the redeemed amount in another fund to earn higher interest yield.
The customer agreed with Chan’s suggestion and signed some documents under Chan’s instructions for the redemption. However, Chan never invested in any new fund for the customer and later transferred $1,195,000 from the customer’s account to his personal account and used the money to repay his own debts.
The SFC considers that Chan is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of his criminal conviction (Note 3).
The case was referred to the SFC by the HKMA.
- Chan was registered with the Hong Kong Monetary Authority (HKMA) to act as a relevant individual engaged by DSB in respect of Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance between 29 January 2021 and 1 April 2021. Chan is currently not registered with the HKMA or licensed by the SFC.
- Chan was convicted of one count of fraud, contrary to section 16A of the Theft Ordinance at the District Court and was sentenced to two years and eight months’ imprisonment on 25 July 2022.
- Please see the Reasons for Sentence (Case No.: DCCC 744/2021) which is available on the Judiciary’s website.
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