HK SFC bans Andy Pau Chin Hung for 10 years
The disciplinary action follows the SFC’s investigation which revealed that Pau had:
• assisted a third party to open three nominee securities trading accounts for the purpose of disposing of certain shares of a listed company;
• facilitated the disposal of these shares and, in return, accepted via the securities trading accounts under the name of his mother, his sister and his own which were not disclosed to his employer, a pecuniary advantage from the third party;
• maintained three secret accounts under his name for a period of almost three years;
• caused his mother and sister to avoid disclosing to his employer in their account opening forms that they are persons related to its staff member; and
• refrained from disclosing to his employer that his mother and sister are persons related to him in a staff declaration form.
The SFC is of the view that Pau is not a fit and proper person to be licensed and he should be prohibited from the industry for a lengthy period because his various failures are of a serious nature.
In determining the penalty, the SFC took into account the surrendering of the pecuniary advantage obtained by Pau as well as his clean disciplinary record.
Pau had applied to the Securities and Futures Appeals Tribunal for a review of the SFC’s decision but withdrew the application yesterday. Hence the SFC’s decision to prohibit him from re-entering the industry now takes effect.