Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
SFC Imposes Lifetime Ban on Former Responsible Officer, Manager-in-charge, and Director of Paul Wan Kai Leung of Nerico Brothers Limited
Recommend 4 Positive 2 Negative 1 |
||||
|
||||
|
The Securities and Futures Commission (SFC) has banned Paul Wan Kai Leung, former responsible officer, manager-in-charge, and director of Nerico Brothers Limited (NBL), from re-entering the industry for life. The disciplinary action is related to the SFC’s earlier sanctions against NBL and its director, Jerff Lee Cheuk Fung, for misuse of client assets, facilitation of the misappropriation of client assets, and provision of false or misleading information to the SFC. Notably, the SFC found that between June 2020 and January 2021, NBL misused a client’s funds totalling over US$68 million for the benefit of the firm’s own account without the client’s knowledge, instruction, authorization or consent, and in breach of the express terms of the client agreement. The SFC also found that NBL knowingly facilitated a scheme orchestrated by Neo Ng Yu and his connected persons and entities, resulting in the misappropriation of approximately US$154 million of the same client’s funds since January 2021. Furthermore, during the SFC’s inquiry and investigation, NBL presented two contradictory narratives and relied on two sets of conflicting documents to explain the usage and whereabouts of the misappropriated client funds. The SFC found that both narratives were false and both sets of documents relied on by NBL to support these false narratives and conceal the misappropriation were fabricated. The SFC considers that the above-mentioned misconduct of NBL was directly attributable to the actions of both Jerff Lee and Paul Wan. Specifically, Paul Wan authorised the transfers of the client’s funds and executed documents that facilitated the misuse and misappropriation of these funds. In addition, Paul Wan personally breached the Securities and Futures Ordinance by knowingly giving false or misleading answers and explanations in his interviews with the SFC. The SFC issued a decision in August 2025 to ban Paul Wan for life for his misconduct. He applied to the Securities and Futures Appeals Tribunal for a review of the SFC’s decision in October 2025, and subsequently withdrew the review application in May 2026. AASTOCKS Financial News |
||||
Copied to Clipboard
 |
||||
