Society
Two HK bank staff arrested for alleged mis-selling
(Xinhua)
Updated: 2010-03-26 21:43
 |
Large Medium Small |
HONG KONG - Hong Kong Police Friday arrested two female local bank staff suspected to have fraudulently or recklessly induced others to invest in contravention of the Securities and Futures Ordinance.
Upon receiving reports of structured-products mis-selling after a financial-services firm filed for bankruptcy in the US in September 2008, Hong Kong Police conducted extensive investigations and consulted the city's Department of Justice.
The two women, aged 38 and 51, were believed to have separately misled and induced eight customers on different occasions to buy Lehman Brothers structured products between 2005 and 2008, involving a total amount of about HK$3.5 million.
Meanwhile, a 33-year-old female ex-bank staff arrested in November last year for forgery over the selling of structured products was charged in January and will re-appear at Eastern Magistracy of Hong Kong on April 19.
