Fake 'bond salesman' duped RBS for months

The guy just turned up on the trading floor one day.

Bloomberg News reports that KK Ho appeared out of nowhere last year on the Royal Bank of Scotland's London trading floor.

He had freshly printed business cards identifying himself as a bond salesman. He met with customers and impressed executives in internal meetings with his talk about rich clients he knew, according to two people familiar with the matter.

Then, just as suddenly, he was out the door several months later after bank managers began asking questions about him, questions that led to the realization that he wasn’t a bond salesman after all, the people said.

RBS informed regulators but otherwise kept the matter private, according to another person familiar with the matter. Some details became public when another bank executive mentioned it in a complaint he filed over an employment dispute.

Ho had been a manager in RBS property services facing a layoff, and was given a desk to help him find a new position, according to the three people, who asked not to be identified because they weren’t authorized to discuss it. Ho wasn’t assigned to a team, had no manager and wasn’t authorized to sell securities or meet clients.

Hit the link below to access the complete Bloomberg article:

Bond Salesman Who Wasn’t Reveals RBS Human Errors

SEC Gets ‘Shot in the Arm’ With Victory in Tourre Case

SAC’s Cohen Demands SEC Investigative File as Stay Sought

image: © sonictk

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