Ex-bank manager charged by ICAC jailed for commission fraud
2021-6-10
A former manager of a bank, charged by the ICAC, was today (June 10) sentenced to three months’ imprisonment at the Fanling Magistrates’ Courts for deceiving a client into taking out an insurance policy before opening a bank account, and falsely stating to the bank that the client was referred by another bank manager.
Ng Chiu-man, 34, former financial planning manager of Dah Sing Bank, Limited (Dah Sing Bank), was today convicted by Deputy Magistrate Mr Fung Lim-wai of two charges – one of fraud, contrary to Section 16A of the Theft Ordinance, and one of agent using document with intent to deceive his principal, contrary to Section 9(3) of the Prevention of Bribery Ordinance.
The court heard that at the material time, Dah Sing Bank entered into a partnership scheme with an insurance company to promote its insurance products. The defendant was employed by Dah Sing Bank as financial planning manager under the scheme and was posted to its Fanling Branch to promote those insurance products to the bank’s clients. The defendant would obtain commissions for insurance products taken out by clients.
Relationship managers of Dah Sing Bank could also refer bank clients to financial planning managers for taking out insurance policies of the insurance company. Commissions would be granted by Dah Sing Bank to its relationship managers, depending on their quarterly performances.
On January 19, 2019, a client visited the aforesaid Fanling Branch to open a corporate account and was told by the defendant that Dah Sing Bank required its client to take out an insurance policy before opening a corporate account.
Accordingly, the client took out a $500,000 insurance policy from the aforesaid insurance company through the defendant. Dah Sing Bank subsequently released commissions totalling about $6,500 to the defendant in relation to the insurance policy.
ICAC enquiries revealed that Dah Sing Bank did not have such requirement for corporate account opening. Should the client be aware of it, he would not have taken out the insurance policy through the defendant.
On the same day, the defendant falsely stated in the application form of the abovementioned insurance policy that a relationship manager was the referral staff of the application.
The relationship manager, who subsequently resigned from Dah Sing Bank, had never referred the client to the defendant. The bank would have granted the relationship manager a commission of over $900 for “referring” the client to the bank if he had not resigned, the court heard.
Dah Sing Bank had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Cannise Chan, assisted by ICAC officer Shirley Lau.
Ng Chiu-man, 34, former financial planning manager of Dah Sing Bank, Limited (Dah Sing Bank), was today convicted by Deputy Magistrate Mr Fung Lim-wai of two charges – one of fraud, contrary to Section 16A of the Theft Ordinance, and one of agent using document with intent to deceive his principal, contrary to Section 9(3) of the Prevention of Bribery Ordinance.
The court heard that at the material time, Dah Sing Bank entered into a partnership scheme with an insurance company to promote its insurance products. The defendant was employed by Dah Sing Bank as financial planning manager under the scheme and was posted to its Fanling Branch to promote those insurance products to the bank’s clients. The defendant would obtain commissions for insurance products taken out by clients.
Relationship managers of Dah Sing Bank could also refer bank clients to financial planning managers for taking out insurance policies of the insurance company. Commissions would be granted by Dah Sing Bank to its relationship managers, depending on their quarterly performances.
On January 19, 2019, a client visited the aforesaid Fanling Branch to open a corporate account and was told by the defendant that Dah Sing Bank required its client to take out an insurance policy before opening a corporate account.
Accordingly, the client took out a $500,000 insurance policy from the aforesaid insurance company through the defendant. Dah Sing Bank subsequently released commissions totalling about $6,500 to the defendant in relation to the insurance policy.
ICAC enquiries revealed that Dah Sing Bank did not have such requirement for corporate account opening. Should the client be aware of it, he would not have taken out the insurance policy through the defendant.
On the same day, the defendant falsely stated in the application form of the abovementioned insurance policy that a relationship manager was the referral staff of the application.
The relationship manager, who subsequently resigned from Dah Sing Bank, had never referred the client to the defendant. The bank would have granted the relationship manager a commission of over $900 for “referring” the client to the bank if he had not resigned, the court heard.
Dah Sing Bank had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Cannise Chan, assisted by ICAC officer Shirley Lau.