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SFC bans Lam Ki Fung for three years

Issue date: 2022-07-18 16:22:54

The Securities and Futures Commission (SFC) has banned Mr Lam Ki Fung, a former relevant individual of Standard Chartered Bank (Hong Kong) Limited (SCB), from re-entering the industry for three years from 12 July 2022 to 11 July 2025 following the criminal convictions of Lam and his mother (Notes 1 to 2).

They were found guilty by the Eastern Magistrates’ Court of conspiring to fraudulently obtain a quarterly incentive payment of $4,520 from SCB between April and December 2017.

Lam, who was a business development officer of SCB at the material time, had opened payroll accounts at the bank for five customers procured by his mother.  His mother then transferred monies – ranging from $80,000 to $200,000 – from her personal bank account into the five payroll accounts, with a view to improving her son’s work performance at SCB.

Lam subsequently reversed the transactions by transferring the same amounts from these payroll accounts back into his mother’s personal bank account without the knowledge or authorisation of the five customers.

As a consequence of his dishonest conduct, SCB paid Lam an additional quarterly incentive of $4,520 after including in his performance assessment the monies his mother had transferred into the customers’ accounts.

The SFC considers that Lam is not a fit and proper person to be licensed or registered to carry on regulated activities due to his criminal conviction.

The case was referred to the SFC by the HKMA.

End

Notes:

1. Lam was a relevant individual engaged by SCB to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance from 26 July 2016 to 17 June 2019.  Lam is currently not registered with the Hong Kong Monetary Authority (HKMA) or licensed by the SFC.
2. On 29 March 2021, Lam and his mother were convicted by the Eastern Magistrates’ Court on a joint charge of conspiracy to defraud under common law and section 159C(6) of the Crimes Ordinance (Cap 200).  Lam was sentenced to 160 hours of community service on 20 April 2021.

News captured as of:2022-07-18 16:22:55

Source: SFC