SFC reprimands Wu Yuen-wah

The SFC announced today that it had publicly reprimanded Wu Yuen-wah, a registered securities dealer£¾s representative of Grand Securities Company Limited and a commodity dealer£¾s representative of Grand Futures Limited. The reprimand stems from an SFC£¾s investigation which revealed that in June 1999 Miss Wu had executed orders for two prospective clients even before those clients had opened accounts with Grand; in opening an account, failed to make proper inquiry into the true identities of the clients and the beneficial owners of the account; allowed a third party to operate a client£¾s account without written authorization thereby exposing the client and Grand to financial risk which culminated in substantial loss to Grand; and signed as witness to a client£¾s signature on the account opening documentation even though she was not present when the client signed the documentation. On this basis the SFC concluded that Wu£¾s fitness and properness as a registered person has been called into question and decided to publicly reprimand her.

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