ASIC has permanently banned a former Citibank relationship manager from providing financial services after she conducted 31 transactions without client authorisation.
Victoria Cai worked for Citibank between 2006 and 2010 and was responsible for facilitating investment instructions made by clients, particularly foreign exchange trades.
Cai conducted transactions between client accounts without client authorisation or knowledge and submitted transfer application forms containing falsified signatures.
On one occasion, Cai cancelled a client's term deposit to facilitate one of these transactions.
ASIC also found she altered the frequency at which client account statements were received and suppressed some statements completely so clients had no knowledge of the transactions.
The corporate regulator also found instances where Cai provided clients with statements containing fictitious account balances.
Cai transferred US$527,900 to her personal accounts from a client account, including $170,000 to facilitate payments to her own mortgage.
The affected clients have been reimbursed by Citibank and ASIC acknowledged the assistance of Citibank in this matter.
Cai has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
