Hong Kong’s Securities and Futures Commission (SFC) announced today that it has banned Mr Lam Yuk Wai, from re-entering the financial industry for a lifetime over his dishonesty and the harm he has done to clients. He is a former staff member of HSBC Broking Securities (Asia), HSBC Broking Futures (Asia), HSBC Broking Futures (Hong Kong) and HSBC Broking Forex (Asia).
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An SFC investigation found that between September 2011 and July 2015 Lam conducted over 100 unauthorized transactions in the accounts of seven clients, causing them to suffer substantial losses. He deceived his clients by providing them with false and misleading account information which substantially overstated the equity value of their accounts, with an intent to conceal the extent of their investment losses.
According to the investigators, Lam also attempted to conceal his misconduct from HSBC Broking by creating deceptive telephone calls in which he pretended to engage in conversations with clients and take order instructions from them.
As a result of this misconduct, HSBC Broking had to pay over $70 million to the affected clients to compensate the for their losses. To its credit, it was the group itself which reported Lam’s misconduct to the Hong Kong police.