Advertisement

SFC bans trader for malpractice

Reading Time:1 minute
Why you can trust SCMP
0

The Securities and Futures Commission (SFC) has revoked the registration of a former trader at Lippo Securities for trading malpractices which disadvantaged clients and earned $5.2 million for herself.

The SFC said it revoked the registration of Eleanor Sak under the Securities Ordinance and Commodities Trading Ordinance, meaning she could no longer trade on the stock and futures markets.

The SFC's action stemmed from an investigation covering the period from March 1997 to last June when Sak was a dealer representative at Lippo Securities.

The SFC said the investigation showed she used a friend's account at Lippo Securities and executed orders disadvantaging clients to the benefit of her friend's account, which profited by $5.2 million from her trading.

She also falsified the account statements of one Lippo Securities client.

'The SFC concluded Sak was guilty of misconduct and that her fitness and properness as a registered dealer's representative had been impugned,' the commission said.

Advertisement
Select Voice
Choose your listening speed
Get through articles 2-3x faster
1.1x
220 WPM
Slow
Normal
Fast
1.1x