Hong Kong SFC Bans KGI Asia Investment Representative from Financial Industry for Life, Misused $230,000 from 3 Clients Including Gambling
26th May 2022 | Hong Kong
Hong Kong Securities & Futures Commission (SFC) has banned former KGI Asia & KGI Futures licensed investment representative Ho Pak Hay from re-entering into the financial industry for life for misappropriating and misusing $230,000 (HKD 1.8 million) from 3 clients (2018 to 2019). Instead of investing the funds for clients, Ho Pak Hay spent some of the money on gambling and issued 8 cheques to repay funds owed to 1 of the 3 clients.
“ Hong Kong SFC Bans KGI Asia Investment Representative from Financial Industry for Life, Misused $230,000 from 3 Clients Including Gambling “
Hong Kong SFC
Hong Kong SFC: “The SFC considers that Ho is not a fit and proper person to be licensed as Ho’s conduct casts serious doubts on his integrity and reliability, and his ability to carry on regulated activities honestly. Having considered all the circumstances, the SFC has decided that a life ban on Ho is appropriate and commensurate with the gravity of his conduct.”
Ho Pak Hay was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities, and was accredited to KGI and KGI Futures respectively between 10 October 2017 and 12 July 2019. Ho Pak Hay is currently not licensed by the SFC.