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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