Koda victim "Holding regiment" fights against Hong Kong bank for "six crimes"

Investor: Hong Kong Bank has "six sins". The original account to us is ' vice President ', July 12, Jinliang (a pseudonym) after the first gathering of Koda victims told the Chinese securities newspaper reporter, this meeting found a lot of Hong Kong bank fraud new evidence. At the meeting, investors complained that Hong Kong banks had at least "six counts".　　In the course of investor bargaining, Hong Kong banks have largely denied these counts, claiming that they did not have any wrongdoing. At the meeting, investors thought the biggest problem for them was that they were too credulous of Hong Kong banks and account managers. They say that these account managers have been serving themselves for several years, and then the account manager has moved to another bank in Hong Kong, and his business card has turned into a "vice president" or "president", claiming to be an exclusive valued wealth-added service for investors.　　In the trust of banks and "acquaintances", they moved their assets to new banks and, under the lobbying of these "Vice Presidents", bought so-called "discounted shares", almost bankrupt and found themselves cheated. "Some people blame our losses on ' ignorance and greed ', on the contrary, the Bank of Hong Kong in the sales process, the existence of blatant violations of the relevant provisions of the Act turned a blind eye", at the meeting, investors one by one accused the existence of Hong Kong banks "crime": "A random recognition of" professional investors "investors said that, according to regulatory authorities, Accumulator as a high-risk financial derivative products can only be sold to professional investors. Some banks said that, as long as the customer account funds reached more than 1 million dollars, "it is [professional investors] is", and even the bank in the client account funds have never reached 1 million U.S. dollars, still identify their professional investor status. However, the code of conduct for licensees or registrants issued by the SFC stipulates that, in assessing the investment experience of investors in the definition of professional investors, the licensee or registrant should take into account such factors as the types of investments that the person has previously traded, The frequency of transactions and the amount of money involved (professional investors should conduct no less than 40 transactions per year), trading experience (professional investors should be active in their respective markets for at least 2 years) and the person's knowledge of the risks involved in trading in the relevant market.　　In addition, a written statement stating the risks and consequences of being regarded as a professional investor shall be provided, and "procedures are in place to enable the person to make an annual confirmation". Investors said their investment experience simply did not meet the above requirements, as long as they looked through past account transactions. They basically signed the English documents without their knowledge, and were found to be professional investors.　　Even when a client manager mentions a professional investor, it is more likely to be lured by "products that can be bought by others", without mentioning the enormous risks and lack of benefit guarantees once identified. Deliberately concealing Chinese documents "We have always thought that Hong Kong banks have only English documents", a number of investors said, they signed the documents in Hong Kong since the basic English, because they do not understand and out of trust, often the account manager how they fill. When an investor requests a Chinese document, he or she is told that it is English only and does not sign an account. However, the guidelines expressly provide that the licensee or registrant shall enter into a written agreement (Customer agreement) with each customer before providing the service to the customer.　　The customer agreement shall be produced in English or Chinese according to the customer's choice, and any other agreement, authorization, risk disclosure or relevant documents shall be so. The option is packaged into stock accumulator Chinese into "cumulative option". Most investors said that in the course of marketing, Hong Kong banks packaged them into "stock speculation" and "Cumulative buying stock plan", without mentioning the nature of options.　　Regarding the margin system involved, it is not to mention, even arbitrarily change the margin ratio, causing them to always think that they buy "discounted shares", until the end of the money to know that the original is a high-risk financial derivatives. Risk tips The participants in the meeting said that Hong Kong banks ' risk hints in the course of sales were far from enough. Some even is what product does not explain, some only said below the exercise price must "double receives the goods, will take one year". To this, investors think this is not a risk hint, it's just a partial description of the product rules.　　The real risk tip should tell investors exactly what kind of market situation investors will suffer. In fact, some banks are very clear about risk hints in Chinese product manuals, but they are not provided to them beforehand. Investors at the meeting made it clear that they would not have done it if they had told them that they had a margin system in the marketing process and that the value of the products involved was tens of millions of yuan.　　"We are not stupid enough to risk losing money to invest," Investors said, the high risk of high contract products, light in English, there are dozens of of pages, the bank account manager is basically through a few minutes of phone sales to them, the lack of risk hints can be imagined. Play role play "Obviously is the dealer, but pretend to be intermediary agencies, cheat us to gamble," some investors said, after the bank explicitly admitted that they and investors in the product is the gambling relationship, but in the process of selling their own packaging into intermediary agencies.　　The account manager pretends to be selling products from other financial institutions that they sell to "preserve and add value" to their clients ' wealth. Millions of assets made into tens of millions of contracts "at the bank's assets of only 8.7 million Hong Kong dollars, the final contract value of what is more than 94 million Hong Kong dollars?" How do they determine that the customer has the ability to pay? "Many investors said that after the incident, the bank account manager to make their contracts are mostly astronomical, far more than the account assets." While the guidelines expressly stipulate that a licensee or registrant should "know your customer", that is, a licensee or registrant who provides services to a customer in respect of derivative products (including futures contracts or options) or leveraged transactions, it shall ensure that the customer understands theThe nature and risks of the product and have sufficient net assets to bear the risks and losses that may be incurred as a result of the sale of the product. July 11, a red as with the "Hong Kong Private Banking Victims Alliance" hangs in a meeting room of a Beijing law firm. From Guangdong, Beijing, Shanghai, Hong Kong, a number of Koda (familiarity out Discount accumulator, cumulative options) investors meet for two consecutive days to discuss rights issues. They all said that they were misled and even cheated by the private banks of banks in Hong Kong, leading to huge losses in tens of millions of dollars.　　In the case of investors, several Hong Kong banks have repeatedly said they did not have any wrongdoing during the sale. Investor sentiment out of control "at present, I have contacted 10 Qaeda investors, if combined with the estimated loss of bank debt to 400 million or 500 million yuan," Hong Kong HSBC Private Banking Client Jinliang (alias) is the organizer of the meeting. Earlier, he claimed to have lost millions of assets by investing in risky financial derivatives accumulator, misled and even fraudulently by his account manager. The Hong Kong bank has categorically denied the charges against him (the China Securities newspaper has repeatedly reported).　　Jinliang said that in order to allow more investors to understand the fraudulent practices of Hong Kong banks in the sales accumulator process, several mainland investors have decided to set up a "Hong Kong Private Bank Victims Alliance" to stand up to expose bank scams and help each other find evidence to exchange their experience in protecting rights in Hong Kong. From July 11 to 12th, a total of 5 investors or investor agents appeared at the first gathering in Beijing, while another three investors commissioned Jinliang to tell their stories by e-mail or telephone. The banks charged by these investors include HSBC, ABN, DBS, Hang Seng, Citigroup and many other well-known banks.　　Some of these investors have already sued in Hong Kong and the case is now in the process and cannot be disclosed. At the meeting, investors enumerated the problems of the Bank of Hong Kong in the course of the sale, and some investors lost their temper. The Huttai, who came from Hong Kong deliberately, was originally from Hangzhou and now emigrated to Hong Kong. The experience of being misled into investing accumulator was too agitated or even clear to express, and was forced out of the field by elevated blood pressure.　　She claimed that the bank not only in the sales process fraud, after the incident also deceived her to sign the English agreement no longer to pursue the matter, in the case of her request to the police, the other party to the cheat signed agreement tore. Hope that the regulatory authorities to take responsibility "was previously thought to be a single account manager sales misleading, the more cases of understanding the more the discovery is a mass incident," Jinliang said, the meeting was fruitful, we found a lot of new evidence, will be announced at the appropriate time. The statistics also found that these cases began to appear in 2006, until a large number of relevant reports surfaced in 2008, banks are still using similar tactics to defraud mainland investors. Even a well-known bank 2006 sales of foreign Exchange Accumul by Account ManagerAtor a partial compensation to a mainland investor, in 2007 the bank's same account manager again sold stock accumulator in a similar manner, causing another mainland investor to suffer huge losses.　　He thinks it's a good indication that banks are harboring connivance. Rai Jianping, a beijing-based investor, believes that the moral hazard of Hong Kong banks is far greater than the market itself, and that financial regulators are not assuming the responsibility, through a number of cases.　　At the meeting, a number of investors said they had complained to Hong Kong's financial regulators but had not received any substantial help, even though there were obvious breaches of the law in the course of the sale of Hong Kong banks. Mr. Zhang, who claims to be a spokesperson for an investor, said the first accumulator was only to sell between investment banks and then to professional investors, which later turned ordinary investors into sales targets. According to the report, the number of global "ultra-high net worth individuals" (defined as at least 30 million dollars for investment) shrank by nearly 25% in 2008, while Hong Kong millionaires shrank by 61% in 2008. He argues that Hong Kong's rich are shrinking so much because a lot of financial derivatives are allowed to be sold to individual investors in Hong Kong, but not allowed in the US.