Housewife gets two years and nine months for $3.8m property loan fraud
2016-10-14
A housewife, charged by the ICAC, was today (Friday) sentenced to two years and nine months’ imprisonment at the District Court after admitting that she had defrauded a licensed money lender of a property loan of $3.8 million by falsely representing that she was the lawful attorney of her husband.
Cheung Hau-yee, 62, earlier pleaded guilty to one count of fraud, contrary to Section 16A of the Theft Ordinance.
In passing the sentence, Deputy Judge Mr Ko Wai-hung said the fraud offence committed by the defendant constituted a breach of trust.
The judge added that the starting point of four years and three months in jail was reduced to two years and nine months after taking into account the defendant’s guilty plea and various mitigating factors.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above offence.
The court heard that at the material time, the defendant and her husband were joint tenants of a flat in a residential estate in Chai Wan.
In February 2015, the defendant was in financial difficulties and sought assistance from Citi Gold Finance Advisory Limited (CGL), an intermediary.
A manager of CGL told the defendant that she was unable to obtain a property loan as one of the two joint owners, and suggested her to obtain a copy of the identity card of her husband so as to pledge 100 per cent of the flat. The defendant agreed to the suggestion.
The defendant forged her husband’s signatures on three documents – an unsigned signing page of a power of attorney (PA), an unsigned entrust letter, and a property loan application – additional applicant form to the effect that her husband acted as a joint applicant, and agreed to pledge the flat for a property loan.
The court heard that all the documents were submitted to Lei Shing Hong Credit Limited (LSH), a licensed money lender, for applying the property loan. Believing that the documents submitted were accurate and genuine, LSH granted a property loan of $3.8 million to the defendant and her husband on or about March 9, 2015.
As the lawful attorney, the defendant received over $610,000 from LSH through its solicitors firm on March 26, 2015, after settling her other outstanding mortgages, legal fees, government charges and the consultant fee of CGL.
The defendant’s husband confirmed that he had never signed on the PA, the entrust letter and the additional form, and neither did he agree to pledge the property for the property loan.
LSH confirmed that had it known the signatures of the defendant’s husband on the PA and the additional form were forged, it would not have approved the property loan, the court was told.
LSH had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by Public Prosecutor Joycelyn Ng, assisted by ICAC officer Lily Kam.
Cheung Hau-yee, 62, earlier pleaded guilty to one count of fraud, contrary to Section 16A of the Theft Ordinance.
In passing the sentence, Deputy Judge Mr Ko Wai-hung said the fraud offence committed by the defendant constituted a breach of trust.
The judge added that the starting point of four years and three months in jail was reduced to two years and nine months after taking into account the defendant’s guilty plea and various mitigating factors.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above offence.
The court heard that at the material time, the defendant and her husband were joint tenants of a flat in a residential estate in Chai Wan.
In February 2015, the defendant was in financial difficulties and sought assistance from Citi Gold Finance Advisory Limited (CGL), an intermediary.
A manager of CGL told the defendant that she was unable to obtain a property loan as one of the two joint owners, and suggested her to obtain a copy of the identity card of her husband so as to pledge 100 per cent of the flat. The defendant agreed to the suggestion.
The defendant forged her husband’s signatures on three documents – an unsigned signing page of a power of attorney (PA), an unsigned entrust letter, and a property loan application – additional applicant form to the effect that her husband acted as a joint applicant, and agreed to pledge the flat for a property loan.
The court heard that all the documents were submitted to Lei Shing Hong Credit Limited (LSH), a licensed money lender, for applying the property loan. Believing that the documents submitted were accurate and genuine, LSH granted a property loan of $3.8 million to the defendant and her husband on or about March 9, 2015.
As the lawful attorney, the defendant received over $610,000 from LSH through its solicitors firm on March 26, 2015, after settling her other outstanding mortgages, legal fees, government charges and the consultant fee of CGL.
The defendant’s husband confirmed that he had never signed on the PA, the entrust letter and the additional form, and neither did he agree to pledge the property for the property loan.
LSH confirmed that had it known the signatures of the defendant’s husband on the PA and the additional form were forged, it would not have approved the property loan, the court was told.
LSH had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by Public Prosecutor Joycelyn Ng, assisted by ICAC officer Lily Kam.