Hong Kong SFC Issues Lifetime Ban on ex-Hang Seng Bank Account Manager Cheung Ngai Yi Following Hong Kong Court 30-Month Jail Sentence for Stealing $196,000 (HKD 1.5 Million) in 88 Withdrawals from Client Account by Using Client ATM Card & PIN
7th November | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has issued a lifetime ban on ex-Hang Seng Bank Account Manager Cheung Ngai Yi, following his Hong Kong court 30-month jail sentence for stealing $196,000 (HKD 1.5 million) in 88 withdrawals from a client account by using client ATM card & PIN. Announcement (5/11/25): “The Securities and Futures Commission (SFC) has banned Mr Cheung Ngai Yi, a former relevant individual of Hang Seng Bank, Limited (HSB), from re-entering the industry for life following his criminal conviction for stealing client assets (Note 1). Cheung was sentenced by the District Court on 31 March 2025 to 30 months’ imprisonment after his theft conviction (Note 2). The Court found that Cheung, who was then an account manager for a client of HSB, had misappropriated a total sum of $1,530,500 from the client’s account via 88 unauthorised ATM withdrawals between 13 May 2016 and 7 February 2017. To this end, Cheung unlawfully retained the client’s ATM card and the PIN document, and, without the client’s authorisation, sold the client’s investment holdings and transferred the proceeds of $1,203,182.4 to the client’s bank account for his subsequent unauthorised ATM withdrawals. Cheung held a position of trust as an account manager. But he exploited and violated the trust that his client had placed in him for his own personal gain. In doing so, Cheung demonstrated that he lacked the fundamental honesty and integrity expected of regulated individuals in the industry. In deciding the disciplinary sanction, the SFC has taken into account all relevant circumstances, including the severity and premeditated nature of Cheung’s misconduct.”
“ Hong Kong SFC Issues Lifetime Ban on ex-Hang Seng Bank Account Manager Cheung Ngai Yi Following Hong Kong Court 30-Month Jail Sentence for Stealing $196,000 (HKD 1.5 Million) in 88 Withdrawals from Client Account by Using Client ATM Card & PIN “
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Notes:
- Cheung was a relevant individual engaged by HSB to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 7 (providing automated trading services) regulated activities under the Securities and Futures Ordinance between 11 March 2008 and 20 March 2017. Cheung is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
- The Reasons for Sentence for this case (case No.: DCCC 425/2022) is available on the Judiciary’s website.
Hong Kong SFC Issues Lifetime Ban on ex-Hang Seng Bank Account Manager Cheung Ngai Yi Following Hong Kong Court 30-Month Jail Sentence for Stealing $196,000 (HKD 1.5 Million) in 88 Withdrawals from Client Account by Using Client ATM Card & PIN
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