The Hong Kong regulator, the SFC announced banning former relationship manager of China Citic Bank International Limited (CITIC) TS’O Jing for life.
August 26, 2020 | AtoZ Markets – Hong Kong’s Securities and Futures Commission (SFC) Tuesday announces that it has banned Mr TS’O Jing, a former relationship manager of China Citic Bank International Limited (CITIC), from re-entering the industry for life.
Why SFC banned TS’O Jing?
The regulatory decision reflects the conviction of Mr TS’O Jing of fraud and was convicted of seven counts of fraud on January 7, 2019. He was sentenced on January 21, 2019 to six months imprisonment. TS’O was also suspended for two years and was ordered to make a $65,100 restitution to the victims.
The Eastern Magistrates’ Court found that TS’O was responsible for handling customer account opening for CITIC between May 2016 and January 2017. However, he made false representations to seven customers about an additional sum they had to pay CITIC for their account opening applications.
TS’O pocketed the additional sum from the customers and fabricated receipts to acknowledge payments from them on five occasions.
The SFC considers TS’O unfit to have a license to carry on regulated activities due to his criminal conviction.
ASIC bans Francesco Antonio Romano
In a related development, The Australian Securities and Investments Commission (ASIC) has banned Adelaide-based financial adviser, Francesco Antonio (Tony) Romano from providing financial services for five years.
ASIC found that Romano failed to provide financial advice that was appropriate and in the best interests of his clients. According to ASIC, Romano also engaged in misleading or deceptive conduct, thus making him unfit to provide financial services.
It said Romano did not make reasonable enquiries to obtain complete and up-to-date information about his clients. He also failed to consider his clients’ needs and objectives when giving advice. Romano also recommended that clients make no changes to their investment portfolios despite clients being invested outside the parameters of their risk profile or their SMSF’s investment strategy. This exposed his clients to having an inappropriate high growth asset allocation.
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