The ICAC today (September 14) charged three former insurance agents of an insurance company for allegedly conspiring with another then insurance agent to defraud the company of commissions and bonuses totalling about $1.2 million by making false representations on the handling insurance agent of four insurance policies, and conspiracy to launder over $2.7 million in crime proceeds.

The ICAC investigation arose from a corruption complaint. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charging the trio with five offences – four of conspiracy to defraud, contrary to Common Law, and one of conspiracy to dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A of the Crimes Ordinance.

https://www.icac.org.hk/en/press/index_id_1178.html

Four people, including two former senior executives of Convoy Global Holdings Limited (Convoy Global), were convicted at the District Court today of conspiracy to defraud the company and its board of directors and shareholders as well as The Stock Exchange of Hong Kong Limited (SEHK) over the placement of bonds issued by Convoy Global.

Today’s conviction came after a joint operation of the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) in 2017, after which the four were charged by the ICAC.

The SFC will continue to collaborate with other law enforcement agencies, including the ICAC, to jointly combat corporate fraud and misconduct.

https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=21PR94

The Securities and Futures Commission (SFC) has suspended Mr Cheung Man Chit, a former licensed representative of Emperor Securities Limited and Emperor Futures Limited (collectively, Emperor), for two years from 28 August 2021 to 27 August 2023.

The disciplinary action follows an SFC investigation which found that between June 2013 and February 2018, Cheung:
1) submitted false client documents and information to Emperor, and stated in a client account opening document that he witnessed the client’s signature when in fact he had not done as claimed;
2) transferred around $3.2 million client money through his personal and related bank accounts and inputted incorrect information in Emperor’s payment or deposit forms to facilitate the transfers; and
3) used a client’s password to place trade orders in the client’s online trading account with Emperor.

https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=21PR90

The Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker companies. The disciplinary actions involve the failure by the broker companies to submit their audited financial statements and auditor’s reports (collectively, the “Financial Documents”) within six months following the end of their respective financial years. Both broker companies have been fined and one of the companies has had its licence suspended.

https://www.ia.org.hk/en/infocenter/press_releases/20210528.html

A man was convicted and fined $15,000 at Kwun Tong Magistrates' Courts on 25 May 2021 for conspiracy to operate a money service without a valid licence.