Meanwhile in Hong Kong : SFC Bans Former Deutsche Securities Asia ‘Responsibility Officer’ for Life

Published; 18th Nov. 2019

For ban follows a February 2018 conviction, where the former responsible officer was sentenced to 45 months’ imprisonment and ordered to pay HK$6.4mn to Deutsche Bank AG in restitution.

The Hong Kong SFC (Securities and Futures Commission) has banned a former Deutsche Securities Asia responsible officer from re-entering the industry for life.

Ma Sin Chi, accredited to Deutsche Securities as a responsible officer between April 2010 and January 2012, was convicted in December 2013 for accepting bribes between January 2007 and May 2008, but the conviction was quashed in appeals court and a re-trial was ordered.

Following the re-trial, Ma was again convicted in February 2018 for accepting bribes of around HKD 6.4 million (USD 817,000) from his client as rewards for providing information and assistance for trading derivative warrants issued by Deutsche Bank AG, where Deutsche Securities Asia was the liquidity provider.

The information provided to the client and the client’s family was intended to assist them in trading the derivative warrants, and yielded them a net profit of over HKD 203 million.

Ma pleaded guilty to one count of, being an agent, accepting an advantage and was sentenced to 45 months’ imprisonment. He was also ordered to pay restitution of about HKD 6.4 million to Deutsche Bank AG on 26 February 2018.

“The SFC considers that Ma was guilty of misconduct and is not a fit and proper person to be licensed to carry on regulated activities,” regulator said in a statement on Thursday (14 November), announcing the life-time industry ban.

Fake Companies, Fake Documents, and an Outrageous Foreclosure Judgment Should Receive Supreme Court Notice. Well, Not if You are Opposing Deutsche Bank, Ocwen or MERS