Hong Kong's SFC Bans Poon Chun Hing for Life

Hong Kong's Securities and Futures Commission (SFC) announced that it has banned Poon Chun Hing from re-entering the industry for life. Poon had been previously disciplined by the SFC and banned from re-entering the industry for 30 months from 18 July 2018 to 17 January 2021.

According to the commission, between May 2015 and September 2017, Poon offered to invest in securities and futures for two students of financial planning or accounting courses that he taught.  They accepted Poon's offer and deposited an aggregate sum of $160,000 into his personal bank account after entering into agreements with him.

In January 2019, following the expiry of the agreed investment periods, they requested Poon for immediate repayment of their original investment and profits, but he did not respond to their requests.

The SFC's investigation found Poon had misappropriated the funds for his personal use. The SFC considers that Poon is not a fit and proper person to be licensed to carry on regulated activities.

In its latest enforcement, the SFC has banned Wang Yu Ching​, a former senior relationship manager and director of Bank of Singapore Limited (BOS), and former relationship manager and director of Bank Julius Baer & Co. Ltd (BJB), from re-entering the industry for 10 years.