Structure Products mis-selling frauds of BOC

1. BOC did not train their front line staffs on impact of CDOs involved with Lehman and non-Lehman related products and never dared to inform the public about their frauds.

2. For BOC ,there were no reviews of marketing materials, and took no responsible for caring of all their structure products sold while other banks did look into these materials as BOC was the last bank in HK to stop selling of these products and that led to create huge number of old retiree in HK to buy these products in 2008. All their middle management, Law Hong Ping Lawrence, Chiu Man Ming, Wong Wai Sang Herman, Wong Chung Yiu Edmond, Wong Hang Mei, Hsu Ton Min Michael are all responsible.

3. There were no checking, supervising and recording of their bank staffs on duties that involved in telling lies in assessing customers' suitability, and explaining of these investment products covered nothing of the CDOs involved.

4. HK Vocational Training Council that used to train blue collar workers and is not familiar with structure products were used for competence test on investment knowledge, and training materials from VOC should be studied and to be showned to public of BOC as laughing stocks of the world financial centers.

5. BOC middle management instructed their staffs to ask their customers to read the propectus and marketing leaflets themselves so as to commit crimes of SFC ord. sec. 107. Legal & complaince dept. was used by BOC to cover up their bank frauds as none concrete answers could be found from their answer of complaints so as to commit more frauds against rules of HKMA.

6. There were no procedures from BOC middle management for their staffs with recordings during the sales of these structure products just as all private bankings are all doing for many years, and these stupid banking system helped their staffs to committing crimes in changing the mismatch of their low risk rating to high risk rating and many of staffs had broken the SFC ord. sec 107 already.

7. Most of the yearly risk accessment done by BOC changed from high risk to low risk and the bank never corrected these errors in wrong mis-selling and never cared about their customers as private banking does.

8. BOC staffs performed cold calls on sales of bonds and if time allowed, gave informations on other very high risk structures products informations to their customers as bonds equivalent.

9. No time limit were set by BOC for sales staffs and no supervising were done for all these mis-selling while in private banking, the director would sometimes comes and meet with their customers to check if any problems arise. BOC is doing private banking business but never done any supervising jobs in management.

Minibond salesperson in Hong Kong is Mr. Chin Yee Yap and he now works as an advisor to Bank of China. Lehman ELN salesperson is Mr. David Lam. Both these person reported to Mr. Kirk Sweeney, Head of Sales for Lehman Brothers Non-Japan Asia, who was also Hong Kong Branch manager. Mr. Sweeney is now Head of Sales for Nomura in Hong Kong.