The Hong Kong Securities and Futures Commission (SFC) has banned Cheung Ngai Yi, a former relevant individual of Hang Seng Bank, Limited, from re-entering the industry for life after his criminal conviction for stealing client assets. A District Court sentenced Cheung to 30 months’ imprisonment on 31 March 2025. The Court found that, while acting as an account manager, he misappropriated HKD 1,530,500 from a client’s account through 88 unauthorised ATM withdrawals between 13 May 2016 and 7 February 2017, including by unlawfully retaining the client’s ATM card and PIN document, selling the client’s investment holdings and transferring proceeds of HKD 1,203,182.4 to facilitate the withdrawals. In setting the sanction, the SFC cited the breach of trust and the severity and premeditated nature of the misconduct.
Hong Kong Securities & Futures Commission 2025-11-05
Hong Kong Securities and Futures Commission bans former Hang Seng Bank relevant individual Cheung Ngai Yi for life following theft conviction
The Hong Kong Securities and Futures Commission has permanently banned Cheung Ngai Yi, a former Hang Seng Bank account manager, following his criminal conviction for stealing client assets. Cheung was sentenced to 30 months in prison for misappropriating HKD 1,530,500 through unauthorised ATM withdrawals and other fraudulent activities. The SFC highlighted the breach of trust and premeditated nature of his misconduct in determining the sanction.