Ex-dealer admits $12m investment fraud
2002-1-4
A former dealer of a securities company admitted at Eastern Court today (Friday) that she had swindled about $12 million worth of cash and shares from her clients to make up for her own losses in share investment.
Ho Lee Lai-kuen, 56, of Ricofull Securities Limited, charged by the ICAC, today pleaded guilty to 30 sample charges of deception and theft.
Magistrate Mr David Dufton remanded the defendant in the custody of the Correctional Services Department, pending committal to the High Court for sentence.
The 20 deception charges stated that Ho, with a view to gain for herself, had procured the making credit entries totalling $4,858,854 in bank accounts controlled by herself by deception, by falsely represented to a number of persons that certain amount of shares of various companies had been purchased on their behalf.
The remaining 10 theft charges stated that Ho had stolen certain amount of shares of various companies, valued at $2,151,954 in total, from a number of persons.
The offences, took place between May 1994 and October 2000, involved 11 victims and shares of 21 listed companies.
The case arose from a corruption report, alleging that the dealer had used false documents to mislead her employer and clients. However, ICAC investigations revealed the above swindling activities.
The court heard that the defendant had suffered losses from her investment in shares, which she made with her clients’ money held with Ricofull without their knowledge.
In order to make up for the losses, the defendant, on many occasions, gave selling instructions to Ricofull without clients’ authorities, and caused forged signatures to be made on the relevant share certificates to effect transfers of ownership.
She then used the proceeds of such transactions, worth $2,151,954 in total, to balance her clients’ accounts.
The court also heard that the defendant had deceived clients’ into depositing a total of $4,858,854 into bank accounts controlled by herself, falsely claiming that shares had been bought on their behalf.
To avoid Ricofull from reaching her clients, the defendant filled in false addresses in their relevant records held with the company, while on the other hand, sent them documents recording transactions that never took place to their real addresses.
The prosecution was today represented by Senior Government Counsel Bianca Cheng, assisted by ICAC officer Daphne Lim.
Ho Lee Lai-kuen, 56, of Ricofull Securities Limited, charged by the ICAC, today pleaded guilty to 30 sample charges of deception and theft.
Magistrate Mr David Dufton remanded the defendant in the custody of the Correctional Services Department, pending committal to the High Court for sentence.
The 20 deception charges stated that Ho, with a view to gain for herself, had procured the making credit entries totalling $4,858,854 in bank accounts controlled by herself by deception, by falsely represented to a number of persons that certain amount of shares of various companies had been purchased on their behalf.
The remaining 10 theft charges stated that Ho had stolen certain amount of shares of various companies, valued at $2,151,954 in total, from a number of persons.
The offences, took place between May 1994 and October 2000, involved 11 victims and shares of 21 listed companies.
The case arose from a corruption report, alleging that the dealer had used false documents to mislead her employer and clients. However, ICAC investigations revealed the above swindling activities.
The court heard that the defendant had suffered losses from her investment in shares, which she made with her clients’ money held with Ricofull without their knowledge.
In order to make up for the losses, the defendant, on many occasions, gave selling instructions to Ricofull without clients’ authorities, and caused forged signatures to be made on the relevant share certificates to effect transfers of ownership.
She then used the proceeds of such transactions, worth $2,151,954 in total, to balance her clients’ accounts.
The court also heard that the defendant had deceived clients’ into depositing a total of $4,858,854 into bank accounts controlled by herself, falsely claiming that shares had been bought on their behalf.
To avoid Ricofull from reaching her clients, the defendant filled in false addresses in their relevant records held with the company, while on the other hand, sent them documents recording transactions that never took place to their real addresses.
The prosecution was today represented by Senior Government Counsel Bianca Cheng, assisted by ICAC officer Daphne Lim.