.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has suspended the sign up of LI Shek Tang for 9 months as a result of misconduct including the construction of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has announced the revocation of Mr. LI Shek Tang's enrollment for 9 months, complying with an examination in to misdoing. The disciplinary activity was taken under segment 58A( 1) of the Financial Regulation (Phase 155 of the Rules of Hong Kong) as well as will definitely be effective from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Misconduct.The investigation disclosed that in March 2023, LI xeroxed a customer's trademark on a time down payment application to scam his using bank into believing it was initially authorized due to the client. Although this act was actually certainly not executed during the course of a regulated activity under the Stocks as well as Futures Ordinance (Section 571 of the Rules of Hong Kong), it elevated severe concerns concerning LI's integrity and also integrity in carrying out regulated activities.The HKMA has actually calculated that LI is not a fit and also proper person to become an appropriate individual, referencing area 129( 1 )( c) and also (d) of the Securities and also Futures Ordinance and the Fit as well as Correct Rules provided due to the Stocks and Futures Commission.Official Claim.Mr. Raymond Chan, Manager Supervisor (Enforcement as well as AML) of the HKMA, commented on the lawsuit, explaining, "Assembly of a client's trademark is actually an unethical act. It mirrors negatively on the person's health and fitness as well as properness to continue managed tasks. The HKMA monitors that there has been actually a rise in the variety of enforcement cases entailing fable of customer trademarks just recently. We are partnering with the Hong Kong Association of Banks to advise banks of the need for building a tough conformity society within their sales crews by means of normal instruction.".Previous and Existing Associations.At the time of the event, LI was actually interacted by Hang Seng Banking Company, Limited for Kind 1, 4, as well as 7 moderated activities under the Stocks and also Futures Statute. Currently, LI is actually accredited to yet another authorized company.The HKMA's decision underscores the significance of maintaining higher moral requirements within the financial sector to ensure the stability and trustworthiness of monetary professionals.Image resource: Shutterstock.