Hong Kong’s Securities and Futures Commission, has banned the former vice president of China’s Bank of Communications Co., Mr Ye Feng, from re-entering the industry for life following his conviction in a bribery case. He has been convicted of soliciting illegal payments of around $919,120 from a client, which were taken out of profits from trades in Hong Kong stocks.
The financial watchdog issued a statement: “The Securities and Futures Commissionconsiders that Ye is not a fit and proper person to be licensed or registered to carry on regulated activities as a result of his criminal conviction.”
Ye was a relevant individual engaged by Banks of Communications Co. (BOCOM) to carry on Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance between 15 May 2012 and 1 October 2015. Ye is currently not registered with the Hong Kong Monetary Authority or licensed by the SFC.
In August 2018, Ye was convicted of two counts of soliciting an advantage as an agent, contrary to sections 9(1)(a) and 12(1) of the Prevention of Bribery Ordinance at the Eastern Magistrates’ Court . He was sentenced to 17 months in jail and was ordered to make a restitution of about $637000 to the bank.