The Securities and Futures Commission has banned Mr. Cheung Ngai Yi from the industry for life after his conviction for stealing client assets. He was sentenced in March 2025 and misappropriated over $1.5 million. The SFC's decision was based on the severity and premeditated nature of his misconduct.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On November 5, 2025, the Securities and Futures Commission ("SFC") has permanently barred Mr. Cheung Ngai Yi, a former employee of Hang Seng Bank, Limited ("HSB"), from re-engaging in the industry due to his conviction for embezzling client assets.
Mr. Cheung Ngai Yi was sentenced by the District Court on March 31, 2025, to 30 months in prison for his role in the theft of client funds. The court determined that as an account manager, Mr. Cheung had improperly accessed and misappropriated $1,530,500 from a client's account over a 282-day period between May 2016 and February 2017. His illicit actions involved unauthorized ATM withdrawals and the unlawful transfer of the client's investment holdings to his bank account.
The SFC's decision to impose a lifetime ban on Mr. Cheung stems from his deliberate and egregious misconduct. His actions, which involved misusing client trust and violating regulatory standards, demonstrate a lack of honesty and integrity essential to the industry. In reviewing the case, the SFC considered the gravity of Mr. Cheung's actions and their impact on the client and the broader financial sector.
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