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KGI fined NT$3.36m over trader’s death
LAX CONTROLS: The FSC said the firm failed to catch a trader secretly managing 12 clients’ funds, but did not agree that it set unreasonable demands on employees
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday fined KGI Securities Ltd (凱基證券) NT$3.36 million (US$117,676) for poor internal control and lax management after a stock broker, surnamed Lai (賴), allegedly committed suicide in August in Taipei due to huge investment losses.
Lai’s death has sparked public concern over KGI Securities’ management, with his family accusing the company of putting undue pressure on its brokers, including encouraging Lai to illegally trade futures for his clients, which resulted in huge investment losses.