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SFC bans Lau Kwo for 12 months

Issue date: 2021-07-05 16:44:22

The Securities and Futures Commission (SFC) has banned Mr Lau Kwo, former licensed representative of Mason Securities Limited (MSL), from re-entering the industry for 12 months from 3 July 2021 to 2 July 2022 (Notes 1 & 2).

An SFC investigation found that Lau, in his capacity as an account executive of MSL, falsely represented that he had provided risk disclosure statements to six clients when they opened accounts with MSL via a non-face-to-face approach.

Unbeknownst to MSL, Lau also conducted trades in the internet trading accounts of his mother and wife by utilising their usernames and passwords.

Lau’s conduct not only demonstrated his failure to act with due skill, care and diligence, but also deprived MSL of the opportunity to be satisfied on reasonable grounds the identity of the person ultimately responsible for originating the instruction for a transaction (Note 3).

The SFC considers Lau’s misconduct called into question his fitness and properness as a licensed person.  In deciding the sanction, the SFC took into account all relevant circumstances, including:

• Lau’s false representation that he has provided risk disclosure statements to the six clients was reckless;
• Lau’s otherwise clean disciplinary record; and
• a strong message has to be sent to the market to deter similar misconduct.

End

Notes:

1. Lau was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities and was accredited to MSL and Mason Futures Limited from 17 December 2007 to 24 February 2017.  Lau is currently not licensed by the SFC and has no accreditation.
2. MSL was known as GuocoCapital Limited until 25 February 2016.
3. General Principle 2 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

News captured as of:2021-07-05 16:44:22

Source: SFC