HK regulator bans former KGI Futures rep for life
Hong Kong’s Securities and Futures Commission (SFC) has banned Mr Ho Pak Hay, a former licensed representative of KGI Asia Limited and KGI Futures (Hong Kong) Limited, from re-entering the industry for life.
The disciplinary action follows an SFC investigation which found that Ho had misappropriated and misused funds totalling $1.8 million received from three KGI’s clients between February 2018 and July 2019 after he privately agreed to make investments for them.
However, instead of making investments for them with the funds as agreed, Ho had spent a portion of the funds on gambling. The investigation also revealed that Ho had issued eight dishonoured cheques purportedly to repay the funds owed to one of the three clients around August 2018 to April 2019.
The regulator found that Ho is not a fit and proper person to be licensed as Ho’s conduct casts serious doubts on his integrity and reliability, and his ability to carry on regulated activities honestly.
Having considered all the circumstances, the SFC has decided that a life ban on Ho is appropriate and commensurate with the gravity of his conduct.