HSBC Private Bank Appeals $78 Million Hong Kong Fine
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HSBC Private Bank (Suisse) SA is appealing a HK$605 million ($78 million) fine imposed by Hong Kong’s securities regulator in connection with its sales of structured products including Lehman Brothers Holdings Inc.-related notes between 2003 and 2008.
The appeal hearing began in the city on Wednesday after the Securities and Futures Commission previously alleged failures in internal controls and sales practices in relation to the sale of the Lehman notes and products called Leveraged Forward Accumulators.