UBS(US:UBS) Mei Ri Jing Ji Xin Wen·2025-09-03 11:55Core Points - UBS Group's former executive, Sun Jianrong, has been permanently banned from the industry due to his involvement in a money laundering case amounting to HKD 130 million [2][4] Group 1 - Sun Jianrong was convicted of money laundering and contempt of court, leading to a lifetime ban from the industry [2] - The case originated from Sun acting as an advisor for two mainland clients with joint accounts at UBS, facilitating cross-border fund transfers [2] - Between November 2016 and February 2018, the clients transferred over RMB 132 million to a designated mainland bank account, but a significant portion of the funds went missing [2][3] Group 2 - Investigations revealed that over HKD 134 million was transferred to two bank accounts owned by Sun in Hong Kong, which were deemed criminal proceeds [2][3] - Sun used the misappropriated funds to maintain a lavish lifestyle, including purchasing luxury vehicles and properties in the UK and mainland China [2][3] - Following his admission of guilt, Sun was sentenced to ten years in prison on June 21, 2024, and later received an additional six-month sentence for violating a global freezing order [3]