Hong Kong SFC Bans Chak Tsz Hoi For Life
The Securities and Futures Commission (SFC) has banned Mr Chak Tsz Hoi, a former employee of Bank of East Asia, Limited (BEA), from re-entering the industry for life.
On 13 June 2011, Chak was convicted by the District Court on 23 counts of obtaining access to a computer with dishonest intent. He was sentenced to imprisonment of 10 months.
Between May and June 2008, Chak altered the data entered in BEA’s equity derivatives trading system in order to conceal the losses in his equity derivatives transactions for BEA. After the data was corrected, BEA estimated its unrealised losses from Chak’s unexpired equity derivatives transactions to be approximately $80 million as at 30 June 2008.
The SFC considers Chak not a fit and proper person as a result of his convictions.
The case was referred to the SFC by the Hong Kong Monetary Authority.