The Securities and Futures Commission (SFC) has prohibited Mr Cheng Lai Ho, a former relevant individual of Bank of Communications (BOCOM), from re-entering the financial industry for seven months. The disciplinary action follows an SFC investigation which found that between April 2017 and April 2022, Cheng failed to disclose multiple personal securities accounts held at other institutions and concealed his trading activities through an account opened in his mother’s name. Through this undisclosed margin account, Cheng executed over 260 personal trades without reporting them to BOCOM, failed to provide required account statements, and sold shares without observing BOCOM’s minimum holding period requirement, while repeatedly making false compliance declarations to his employer.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR174
