HK regulator bans former account executive of China Pacific for life
The issue of lifetime ban on Mo Shau Wah follows her criminal conviction – she was found guilty of stealing approximately $110.2 million worth of shares from China Pacific’s clients.
Hong Kong’s Securities and Futures Commission (SFC) today announces that it has banned Ms Mo Shau Wah, a former account executive of China Pacific Securities Limited, from re-entering the industry for life following her criminal conviction.
In December 2018, the Court of First Instance convicted Mo of stealing approximately $110.2 million worth of shares from China Pacific’s clients between January 2005 and October 2012. Mo pleaded guilty to one count of conspiracy to steal, contrary to section 9 of the Theft Ordinance and sections 159A and 159C of the Crimes Ordinance, and one count of conspiracy to defraud, contrary to common law and section 159C(6) of the Crimes Ordinance. She was sentenced to 8 years’ imprisonment for the first charge and 11 years and 3 months’ imprisonment for the second charge.
Mo also made unauthorised sales of the stolen shares in the open market through nominee client accounts held at China Pacific in the names of her relatives. The sale proceeds were subsequently paid into the relatives’ bank accounts controlled by Mo.
Mo further conspired with Ms Hui Fong Ting, a former settlement clerk of China Pacific, to cover up the theft through false entries that Hui created in China Pacific’s computer system and client statements.
China Pacific spent $156 million to buy back the shares stolen by Mo in the market, the difference in value owing to the increase in share prices over the years.
In 2013, the SFC obtained a court order which prohibited Mo from disposing of her assets worldwide in the amount of $156,471,705.
The regulator has determined that Mo is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of her criminal conviction.
