Hong Kong’s 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.
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…
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