from: St Lee <[email protected]>

to: complaints <[email protected]>

cc: [email protected]

bcc: [email protected], Yvonn…..

date: Dec 17, 2018, 10:11 PM

subject: 保監話攬晒上身，到時出大事，搵條命賠俾人牙！

投訴查詢 市場行為部 電郵： complaints@ia.org.hk

尊敬的保監主席鄭慕智先生及總裁張雲正先生,         2018 Dec 17

今日今個禮拜一開市，AXA股價再跌超過1%，顯然高盧AXA雄雞已証明無能力挽狂瀾於既倒，同蕭定一隻8078一樣，冇得救。

高盧人安盛香港Liquidity肯定遲早有問題。

一下唔覺意，Swiss Privilege個包袱甩唔到手，仲會即刻現形添！

道理簡單，若高盧雄雞二月仲有現金或流動資產二千億在手，即係話間公司好逸惡勞，好食懶飛，不思進取，先至可以頂得順最近市值貶下眼輸掉二千億（仲未止血架）；若果係好似高盧人安盛講得自己咁進取，仲得埋全球第一壽險品牌添，咁就仆街喇！

高盧人安盛全部保戶依家開始就有大把理由擔心咯。投保左有無得賠係擔心之一，最慘就係旨意佢晚年退休，就真係依家預先開始諗下點樣死法先至係死得有尊嚴仲好喇！

保監話攬晒上身，到時出大事，搵條命賠俾人牙！我推斷保監班管理層可能要俾國家公安部掟晒去秦城監獄過世，好似項俊波同埋吳小輝咁，唔係淨止冇左份工咁簡單。

我就已經盡左好公民責任，吹晒雞，你地都唔聽？有高盧人安盛內部消息話我知，依家高盧人安盛班代理已經陸陸續續勞燕分飛，留低響度果D，一係廢柴，一係諗緊轉邊間保險公司。

  5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生 十大理由質疑高盧人安盛之財務狀況 (IA Ref.  MC/COMP/18/11/076) 公眾要求緊急查証AXA最新財務表 以安以息眾多保戶無限憂慮疑團。  Dec 6-10, 2018以高盧人安盛財務狀況危急萬分事實，再電郵保監問AXA 2月底之暴跌了千多億元市值孰令致之？保監關國玲小姐覆函“攬晒上身”P.       

Frank Lee

副本：HKFI 陳主席 

 from: St Lee

to: complaints ,　[email protected]

cc: [email protected],　WONG Nathaniel 

[email protected],　[email protected],

Fanny Chun 

[email protected]

bcc: [email protected],　Alan.tam@age

date: Nov 27, 2018, 7:03 PM

subject: “Deja Vu” & “C'est la vie” 

To: Insurance Authority 

For the Kindest Attention of Ms Konnie Kwan 

Dear Ms Kwan, 

Your yesterday and other various and several previous responses refer. 

Konnie, being very frank, it has really appeared to me a strong sense of “Deja Vu” in reading your so far so similarly moulded responses/alibis to re-collect what Professor Chan of EOC had always openly said, or blamed, in another word.  

 4.5.2 眾口一詞 指斥怒駡劣跡斑斑高盧人安盛（十三） 之 【高盧人安盛濫權剝奪代理知情權損平機原則以掩醜 東方日報 Nov 20, 2018 當眾無情打臉 平機會陳章明誓以實幹實績還清譽】 P.   

   1.16.4 《史記‧孫子吳起列傳》之兵聖孫子曰：“將受命於帥，軍令不明，帥之過也”。公開信Nov 27, 2018致特首林鄭月娥女士及財政司陳茂波先生指出她/他作為平機會及保監之帥，應負「軍令不明」之過之責  P.   

So, I guess the Public and I, as a result of poor judgment and ignorance, had always been mistakenly, wrongly and unfairly blaming on the innocent IA and EOC for always throwing their balls to other people’s courts and that alibi for your job and power areas and resources are rather limited comparing with other Governmental organizations. 

This is obviously and extremely unfair to the IA and EOC and the Public and I will seek the very acute and learned comments and guidance from Madam Lam and Mr. Chan, the problems might have stemmed from them 2, so that the future procedures of the 2 organizations may be streamlined in due course. 

In passing, Ms Kwan, I had on Nov 25, 2018 submitted the below request, not a complaint unless and until it is ignored after 42 days as mentioned in my submission but a reference no. From your office should be notified to me so that I may remain quiet and patient. This time, I am 101% sure that the buck stops at your Desk, for the Public and I could not possibly be wrong that the IA must be solely and collectively responsible for monitoring the from time to time financial strengths of insurance firms in HKSAR. 

  5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生 十大理由質疑高盧人安盛之財務狀況 公眾要求緊急查証AXA最新財務表 以安以息眾多保戶無限憂慮疑團 P.    5.1.2 「安盛靠得住 猪乸會上樹」 - 高盧人安盛財務狀況堪虞 李偲嫣女士領導全港保險代理 嚴正要求保監証監金融管理局 斥令高盧人安盛馬上遞交最新財務狀況 阻止即將發生的另一雷曼兄弟「假帳目真騙子」事件 P.   

If, say, this is eventually found not the domain of your knowledge/responsibilities, I mean item 5.1.1, the Public and I would think that the IA staffs can do nothing more in the big and luxury office in Aberdeen and at the same time, say, if I should be again wrong this particular time, I probably may find it very necessary to immediately stab and bloodshed myself and silently swallow your reply by saying “C'est la vie”. 

Either you will hear from me, after seeking enlightenment from the 2 really high ranking officials, for further news or, as a lovely vision, and may it be, I may expect to receive a constructive response from you within 42 days, I hope.

My Most Humble Regards, 

Frank Lee   

The 10 Worst Corporate Accounting Scandals of All Time

If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. Here's a chronological look back at some of the worst examples. 

Waste Management Scandal (1998)

Company: Houston-based publicly traded waste management company

What happened: Reported $1.7 billion in fake earnings.

Main players: Founder/CEO/Chairman Dean L. Buntrock and other top executives; Arthur Andersen Company (auditors)

How they did it: The company allegedly falsely increased the depreciation time length for their property, plant and equipment on the balance sheets.

How they got caught: A new CEO and management team went through the books.

Penalties: Settled a shareholder class-action suit for $457 million. SEC fined ArthurAndersen $7 million.

Fun fact: After the scandal, new CEO A. Maurice Meyers set up an anonymous company hotline where employees could report dishonest or improper behavior.

Enron Scandal (2001)

Company: Houston-based commodities, energy and service corporation

What happened: Shareholders lost $74 billion, thousands of employees and investors lost their retirement accounts, and many employees lost their jobs.

Main players: CEO Jeff Skilling and former CEO Ken Lay.

How they did it: Kept huge debts off balance sheets.

How they got caught: Turned in by internal whistleblower Sherron Watkins; high stock prices fueled external suspicions.

Penalties: Lay died before serving time; Skilling got 24 years in prison. The company filed for bankruptcy. Arthur Andersen was found guilty of fudging Enron's accounts.

Fun fact: Fortune Magazine named Enron "America's Most Innovative Company" 6 years in a row prior to the scandal.

WorldCom Scandal (2002)

Company: Telecommunications company; now MCI, Inc.

What happened: Inflated assets by as much as $11 billion, leading to 30,000 lost jobs and $180 billion in losses for investors.

Main player: CEO Bernie Ebbers

How he did it: Underreported line costs by capitalizing rather than expensing and inflated revenues with fake accounting entries.

How he got caught: WorldCom's internal auditing department uncovered $3.8 billion of fraud.

Penalties: CFO was fired, controller resigned, and the company filed for bankruptcy. Ebbers sentenced to 25 years for fraud, conspiracy and filing false documents with regulators.

Fun fact: Within weeks of the scandal, Congress passed the Sarbanes-Oxley Act, introducing the most sweeping set of new business regulations since the 1930s.

Tyco Scandal (2002)

Company: New Jersey-based blue-chip Swiss security systems.

What happened: CEO and CFO stole $150 million and inflated company income by $500 million.

Main players: CEO Dennis Kozlowski and former CFO Mark Swartz.

How they did it: Siphoned money through unapproved loans and fraudulent stock sales. Money was smuggled out of company disguised as executive bonuses or benefits.

How they got caught: SEC and Manhattan D.A. investigations uncovered questionable accounting practices, including large loans made to Kozlowski that were then forgiven.

Penalties: Kozlowski and Swartz were sentenced to 8-25 years in prison. A class-action lawsuit forced Tyco to pay $2.92 billion to investors.

Fun fact: At the height of the scandal Kozlowski threw a $2 million birthday party for his wife on a Mediterranean island, complete with a Jimmy Buffet performance.

HealthSouth Scandal (2003)

Company: Largest publicly traded health care company in the U.S.

What happened: Earnings numbers were allegedly inflated $1.4 billion to meet stockholder expectations.

Main player: CEO Richard Scrushy.

How he did it: Allegedly told underlings to make up numbers and transactions from 1996-2003.

How he got caught: Sold $75 million in stock a day before the company posted a huge loss, triggering SEC suspicions.

Penalties: Scrushy was acquitted of all 36 counts of accounting fraud, but convicted of bribing the governor of Alabama, leading to a 7-year prison sentence.

Fun fact: Scrushy now works as a motivational speaker and maintains his innocence.

Freddie Mac (2003)

Company: Federally backed mortgage-financing giant.

What happened: $5 billion in earnings were misstated.

Main players: President/COO David Glenn, Chairman/CEO Leland Brendsel, ex-CFO Vaughn Clarke, former senior VPs Robert Dean and Nazir Dossani.

How they did it: Intentionally misstated and understated earnings on the books.

How they got caught: An SEC investigation.

Penalties: $125 million in fines and the firing of Glenn, Clarke and Brendsel.

Fun fact: 1 year later, the other federally backed mortgage financing company, Fannie Mae, was caught in an equally stunning accounting scandal.

American International Group (AIG) Scandal (2005)

Company: Multinational insurance corporation.

What happened: Massive accounting fraud to the tune of $3.9 billion was alleged, along with bid-rigging and stock price manipulation.

Main player: CEO Hank Greenberg.

How he did it: Allegedly booked loans as revenue, steered clients to insurers with whom AIG had payoff agreements, and told traders to inflate AIG stock price.

How he got caught: SEC regulator investigations, possibly tipped off by a whistleblower.

Penalties: Settled with the SEC for $10 million in 2003 and $1.64 billion in 2006, with a Louisiana pension fund for $115 million, and with 3 Ohio pension funds for $725 million. Greenberg was fired, but has faced no criminal charges.

Fun fact: After posting the largest quarterly corporate loss in history in 2008 ($61.7 billion) and getting bailed out with taxpayer dollars, AIG execs rewarded themselves with over $165 million in bonuses.

Lehman Brothers Scandal (2008) 

Company: Global financial services firm.

What happened: Hid over $50 billion in loans disguised as sales.

Main players: Lehman executives and the company's auditors, Ernst & Young.

How they did it: Allegedly sold toxic assets to Cayman Island banks with the understanding that they would be bought back eventually. Created the impression Lehman had $50 billion more cash and $50 billion less in toxic assets than it really did.

How they got caught: Went bankrupt.

Penalties: Forced into the largest bankruptcy in U.S. history. SEC didn't prosecute due to lack of evidence.

Fun fact: In 2007 Lehman Brothers was ranked the #1 "Most Admired Securities Firm" by Fortune Magazine.

Bernie Madoff Scandal (2008)

Company: Bernard L. Madoff Investment Securities LLC was a Wall Street investment firm founded by Madoff.

What happened: Tricked investors out of $64.8 billion through the largest Ponzi scheme in history.

Main players: Bernie Madoff, his accountant, David Friehling, and Frank DiPascalli.

How they did it: Investors were paid returns out of their own money or that of other investors rather than from profits.

How they got caught: Madoff told his sons about his scheme and they reported him to the SEC. He was arrested the next day.

Penalties: 150 years in prison for Madoff + $170 billion restitution. Prison time for Friehling and DiPascalli.

Fun fact: Madoff's fraud was revealed just months after the 2008 U.S. financial collapse.

Satyam Scandal (2009)

Company: Indian IT services and back-office accounting firm.

What happened: Falsely boosted revenue by $1.5 billion.

Main player: Founder/Chairman Ramalinga Raju.

How he did it: Falsified revenues, margins and cash balances to the tune of 50 billion rupees.

How he got caught: Admitted the fraud in a letter to the company's board of directors.

Penalties: Raju and his brother charged with breach of trust, conspiracy, cheating and falsification of records. Released after the Central Bureau of Investigation failed to file charges on time. 

Fun fact: In 2011 Ramalinga Raju's wife published a book of his existentialist, free-verse poetry.