Trader Suspended Over Discretionary Trades by Hong Kong Regulator – 21st Oct 2014
Hong Kong’s Securities and Futures Commission (SFC) suspended the licence of Ho Siu Po, a former trader at DBS Vickers, for seven months under the territory’s Securities and Futures Ordinance (SFO). The SFC said Ho was found to have conducted discretionary trades in the accounts of one colleague and two other clients over the course of two years, in breach of his employer’s internal policies. The SFC said Ho also took cash deposits from a client on seven occasions, placing the money in DBS Vickers’ account for holding client monies. The regulator said Ho and a colleague entered a reciprocal agreement to authorize each other to conduct discretionary trades in their respective accounts. He also agreed to do this for two other clients. Between 2011 and April 2013, Ho would conduct transactions on clients’ behalf, and subsequently report the orders to the clients in person, by phone or over the instant messaging app QQ.
Trond Vagen, Compliance Complete