SFC Bans Former Licensed Representative of China Tonghai Securities Limited Poon Choi Yung for 20 Months

The Securities and Futures Commission (SFC) has banned Mr Poon Choi Yung, a former licensed representative of China Tonghai Securities Limited, from re-entering the industry for 20 months from 12 April 2022 to 11 December 2023 for breaches of the SFC's Code of Conduct.

The disciplinary action follows an SFC investigation, which found that between June 2019 and March 2020, Poon effected 1,002 transactions in six clients' accounts without the clients' specific authorisations for the trades and/or their written authorisations for him to effect the trades on a discretionary basis.

The investigation also revealed that Poon failed to take reasonable steps to establish three clients' financial situations and investment experience during account opening between May 2019 and February 2020.

The SFC considers that Poon has also failed to act with due skill, care and diligence, and in the best interests of the clients when carrying on business activities.