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SFC punishes President Securities for mishandling Taiwanese clients’ accounts

The Securities and Futures Commission (SFC) has reprimanded President Securities Hong Kong and fined it $2 million (US$258,062) for failing to act in the best interests of its clients when accepting subscriptions for a number of Lehman Brothers-related structured products from 21 Taiwanese clients in 2008. The Taiwanese clients were referred to President Securities by its parent company in Taiwan,…

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