Tuesday, April 13, 2010

2 Staffers at Bank of China Charged Over Lehman Sales

Two employees of the Bank of China were charged by the Hong Kong police over the sale of financial products related to Lehman Brothers, the bank said, while a third staff member was been arrested and released on bail.
Bank of China said in a statement Sunday that the staffers had been charged under a securities law that prohibits fraudulent or reckless misrepresentation for the purpose of inducing financial transactions.

If they are convicted on those charges, they may be fined up to 1 million Hong Kong dollars ($128,000), and imprisoned for up to seven years. The two women facing charges are due to appear in the city’s eastern district court on Wednesday, a spokeswoman for the police force, Leona Leung, told DealBook.
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