The Securities and Futures Commission (SFC) has banned Ms Miranda Hui Chi Cheung from re-entering the industry for 10 years from 2 March 2012 to 1 March 2022 (Note 1).
The SFC’s investigation found that between December 2010 and January 2011, Hui:
- carried out unauthorized trading transactions in two clients’ accounts;
- lied to the clients by telling them that the unauthorized trades were error trades; and
- failed to disclose to her employer her personal trading activities in the clients’ securities accounts.
Hui’s employer subsequently reversed the trades and Hui was required to indemnify her employer for any losses. The two clients did not suffer any losses in their securities accounts. Hui admitted her misconduct.
In deciding to ban Hui for 10 years, the SFC took into account all the circumstances, including the dishonest nature of Hui’s activities, her admission, and her disciplinary history with the SFC (Note 2).
Notes:
1. Hui was licensed to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities under the Securities and Futures Ordinance and was accredited to Polaris Securities (Hong Kong) Limited from 3 October 2008 to 31 January 2011. Hui currently does not hold a licence with the SFC.
2. In 2009, the SFC suspended the licence of Hui for four months on the basis that she had conducted transactions through a client’s account on a discretionary basis without obtaining written authorization from the client and failed to disclose to her employer her beneficial interests and personal trading activities in the client’s account. Please see SFC’s press release dated 9 April 2009 for details.