Hong Kong Regulator Bans Former HSBC Banker for Life

Hong Kong's securities regulator has banned Andrew Chow Ho Cheung from the industry for life, after he was found guilty by the court last year of fraud and stealing from customers' accounts. Chow, a former vice president of business relationships at HSBC, was also found to have forged customers' signatures and made unauthorised withdrawals and payments in customers' accounts. He was sentenced to two years' imprisonment by the District Court on 19 May 2015. 

The Securities and Futures Commission ("SFC") said it considered Chow to not be a fit and proper person to be licensed or registered to carry on regulated activities as a result of his convictions.

Chow was responsible for introducing and selling investment products to corporate customers of HSBC. The District Court found that Chow forged the signatures of a number of customers on bank documents, changed the subscription fee rates on subscription forms without the knowledge and agreement of a client and made unauthorised payments and withdrawals to and from a number of customers' accounts.

The court heard that Chow transferred money between clients' accounts to cover up for trading losses. He also took money for his own personal benefit and, in a bid to impress his mother, said the money was proceeds from investments he had made. 

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North Asia editor for Thomson Reuters Regulatory Intelligence. He is based in Hong Kong.