The Securities and Futures Commission (SFC) has banned Mr. Richard Charles Heyes, a former responsible officer and senior executive at Citigroup Global Markets Asia Limited (CGMAL), from re-entering the financial industry for five years due to his failure to prevent serious regulatory breaches and internal control failures related to the issuance of mislabelled indications of interest (IOIs) and client facilitation activities over a ten-year period. The SFC found that Heyes neglected his responsibilities, allowing a culture of dishonesty to persist within the organization, which ultimately compromised client interests and market integrity.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR146
