Hong Kong Money Man Calvin Choi Faces Two-Year Industry Ban for Misconduct

Hong Kong’s securities regulator is seeking to ban Calvin Choi, chairman and CEO of a financial services provider in the city, from the industry for two years for professional misconduct, legal documents show, though he is appealing the decision.

Choi, 43, was previously accused of financial fraud by debt-ridden investment firm China Minsheng Investment Group Corp. Ltd. Minsheng Investment had entrusted Choi with billions of yuan to invest after buying a major stake in his company, AMTD Group Co. Ltd., in 2015. However, Minsheng Investment did not get much of its money back, sparking a public fallout with Choi.