机构

"Shaw had, through his misconduct, engendered a culture of chasing revenue at the expense of client interests and basic standards of honesty within CGMAL."

We note that Benjamin Neil Valentine, former Head of Pan Asia Electronic Execution and an RO, ceased to be an RO of Citi on 29-May-2021.

Well that took a while. Over 9 years after the IPO, and with the stock about to celebrate its 7th anniversary of being suspended, a settlement is reached with the sponsor. Not one that will help investors though - there does not appear to be any admission of liability by Citgroup to investors and even if there were, HK has no class action system.

If Raymond Ng Chun To doesn't pay up, his jail sentence will triple from 4.5 to 13.5 years.

...but shortens the ban from lifetime to 10 years.

A lifetime ban for a Ponzi scheme is reduced to 10 years.

...for failing to detect and then covering up a 5-year Ponzi scheme run by a staff member of the private banking division. Mr X was dismissed for gross misconduct on 16-Feb-2009 and left HK before the SFC could get hold of him. Our database confirms that the only male who left the firm that day is Ramesh Kumar Chuharmal Sadhwani. On 20-Apr-2011 he signed a letter of Acceptance, Waiver and Consent with FINRA in the US to be fined US$5k (if he ever returns to the industry) and to be suspended for 2 years, and not to defend allegations against him there. Interestingly, that letter states that he was terminated from Citigroup on 19-Dec-2008, 2 months earlier than in HK.