Chan Ka Chun had been engaged by Falcon to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities, but on 22 Jan was found guilty of conspiring with two clients to issue letters on Falcon Private Bank Hong Kong Branch letterhead, the SFC said in a statement today.
The letters purported to show proof of funds and credit facilities made available by the bank for the use of the two clients, but in fact “the proof of funds and availability of credit facilities to the two clients were not authorized by FPBHK, and were false”, the SFC said.
Chan is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC, it added. It said it considered Chan “not a fit and proper person to be licensed as a result of his conviction”.
The SFC said the case had been referred to it by the Hong Kong Monetary Authority.
Until 2008 Falcon had been the private banking arm of the multi-national insurance group AIG. After AIG was hit hard by the global financial crisis, it sold off a number of its operations, one of them being Falcon, which was acquired by Aabar Investments, the Abu Dhabi government-owned investment company.
