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Police today (March 26) arrested two female local bank staff suspected to have fraudulently or recklessly induced others to invest money in contravention of S107, Securities and Futures Ordinance, Cap 571.
Police received reports of mis-selling of structured products after a financial services firm filed for bankruptcy in the U.S. in September 2008.
After extensive investigation by the Police Commercial Crime Bureau (CCB) and consultation with the Department of Justice, the duo were believed to have separately misled and induced eight customers on various occasions to purchase structured products between 2005 and 2008.
The total amount involved is estimated to be $3.5 million.
The arrested persons, aged 38 and 51, were arrested in Tsuen Wan and Yau Ma Tei respectively. They are still being detained for further enquiries.
Investigations by CCB into the above cases and other similar reports still continue.
CCB further added that a 33-year-old female ex-bank staff was arrested in November 2009 for forgery arising from the selling of structured products. She was subsequently charged in January 2010 for ‘Forgery’ under S71, Crimes Ordinance, Cap 200 and will re-appear at Eastern Magistrates' Courts on April 19, 2010.
Police Report No 4
Ends/Friday, March 26, 2010
Issued at HKT 15:05
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