UBS(US:UBS) Xin Lang Cai Jing·2025-09-04 00:39Core Viewpoint - The case involves former UBS executive Sun Jianrong, who was convicted of money laundering and contempt of court, resulting in a lifetime ban from the financial industry by the Hong Kong Securities and Futures Commission (SFC) [1][11][14]. Group 1: Case Background - Sun Jianrong was employed at UBS from December 2013 until his resignation in June 2018, previously working at HSBC [4]. - The fraudulent activities occurred between 2016 and 2018, where Sun misled clients into transferring a total of 134 million HKD (approximately 17.2 million USD) under the pretense of facilitating cross-border remittances [1][5][10]. - The victims of this fraud were identified as individuals involved in illegal activities, specifically a prostitution ring [2][12]. Group 2: Fraud Mechanism - Sun Jianrong instructed clients to transfer funds to various designated accounts, claiming these funds would be deposited into their UBS joint account, which was later found to be false [5][6]. - He provided clients with forged bank statements to support his claims of successful transactions, which were later disproven during an investigation [6][10]. Group 3: Legal Proceedings and Consequences - On June 21, 2024, the Hong Kong High Court found Sun guilty of two counts of money laundering, sentencing him to 10 years in prison [11][14]. - The SFC deemed Sun unsuitable for re-entry into the financial industry, issuing a lifetime ban on September 2, 2025 [1][14]. - The court acknowledged the complexity of the laundering scheme and the significant amount involved, which had international implications [13][14].