2009年7月9日星期四

Hong Kong SFC Bans Ex-Goldman Banker For 2 Yrs On Unauthorized Trade

"Hong Kong SFC Bans Ex-Goldman Banker For 2 Yrs On Unauthorized Trade | AboutHK.Com - more information about HK"

Hong Kong SFC Bans Ex-Goldman Banker For 2 Yrs On Unauthorized TradeDow Jones

Hong Kong's securities regulator said Thursday it banned a former Goldman Sachs Group Inc. (GS) private banker from the local industry for two years, after she admitted entering into a transaction for her client without consent.

The Securities and Futures Commission said in a statement Ronnie Wong entered into a transaction involving accumulators on behalf of her client without the client's knowledge and authorization.

The transaction, which had a total exposure of HK$13.8 million, was entered into in November 2007. Wong's client complained to the SFC about the unauthorized trade in March 2008.

A person familiar with the situation on Thursday identified Wong's client as Joyce Tsang, founder of cosmetics and beauty-products retailer Modern Beauty Salon Holdings Ltd. (0919.HK).

An accumulator is a financial derivative product used to accumulate positions of underlying assets such as stocks and currency over time.

Dozens of Hong Kong investors complained to regulators and legislators about the misselling by investment banks of accumulators after they lost money in those financial products as the global financial crisis unfolded last September.

In reaching its decision to ban Wong, the SFC said it took into account Wong's cooperation with the SFC investigation, and that she didn't intend to mislead her client.

Wong couldn't immediately be reached for comment.

-By Jackie Cheung, Dow Jones Newswires; 852-2802-7002; jackie.cheung@ dowjones.com

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