SFC imposes fine
Source: Xinhua |
June 3, 2010, Thursday
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Print Edition
Print Edition
HONG Kong's Securities and Futures Commission has publicly reprimanded three employees of UBS AG Hong Kong and fined them a total sum of HK$1.8 million (US$230,977), for negligence in handling a client's trade orders, SFC said yesterday in a statement.
The three employees of UBS AG Hong Kong were Frank Hu, Peony Ng and Jenny Chang Pui Chun. Both Hu and Ng are executive directors at UBS AG Hong Kong and Chang is an associate director of UBS AG Hong Kong, according to the statement.
An SFC investigation found that the three were negligent in relation to a series of trades that they carried out on behalf of one of their clients at UBS which constituted wash sales and may have misled the market.
In February 2008, the client, who was facing margin calls from UBS AG Hong Kong, decided to transfer part of his portfolio at UBS to his account at Morgan Stanley Asia Ltd in order to ease his margin position with UBS.
The account executive of Morgan Stanley Asia Ltd had been punished by the SFC in August last year.
The three employees of UBS AG Hong Kong were Frank Hu, Peony Ng and Jenny Chang Pui Chun. Both Hu and Ng are executive directors at UBS AG Hong Kong and Chang is an associate director of UBS AG Hong Kong, according to the statement.
An SFC investigation found that the three were negligent in relation to a series of trades that they carried out on behalf of one of their clients at UBS which constituted wash sales and may have misled the market.
In February 2008, the client, who was facing margin calls from UBS AG Hong Kong, decided to transfer part of his portfolio at UBS to his account at Morgan Stanley Asia Ltd in order to ease his margin position with UBS.
The account executive of Morgan Stanley Asia Ltd had been punished by the SFC in August last year.
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