On January 06, 2025, the Securities and Futures Commission ("SFC") has banned Mr Chan Ka Him, a former insurance specialist of Standard Chartered Bank (Hong Kong) Limited ("SCB"), from re-entering the industry for life following his criminal convictions for insurance fraud.
Chan was sentenced by the District Court on February 2, 2024, to 20 months’ imprisonment after his convictions for three counts of fraud and one count of attempted fraud.
The Court found that Chan was assigned to a branch of SCB in Wan Chai at the material time, and his job duties included the promotion of insurance products issued by external insurers to the bank’s clients.
Between January and March 2019, Chan assisted two clients in taking out insurance policies with an external insurer. Between August and September 2019, he induced one client to transfer US$52,300 and another to transfer over HK$420,000 to a bank account connected to him, on the pretence that the transfers would be used to settle premium payments with their insurer. He subsequently attempted to cancel the clients’ insurance policies by falsely representing to the insurer that they wished to do so.
This article was generated using SAMS, a proprietary artificial intelligence technology under development by Timothy Loh LLP and its affiliates. This article does not constitute legal advice and should not be relied upon by any person. Only the original text, which is hyperlinked to this article, should be regarded as definitive.
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