The Securities and Futures Commission (SFC) of Hong Kong has banned Mr Charles Lam Chung Yiu, a former associate director of UBS AG, from re-entering the industry for life because his criminal convictions led the SFC to consider him not a fit and proper person to be licensed or registered to carry on regulated activities.
Lam was sentenced by the Court of First Instance on 7 November 2023 to imprisonment of seven years after his convictions of two counts of theft and two counts of dealing with property known or believed to represent proceeds of an indictable offence.
The court found that between 13 March and 27 October 2020, when Lam was overseeing a project in UBS to compensate clients who had been overcharged in previous transactions, he exploited his access to UBS’s system to alter the information of rightful recipients under the project…
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