Six years' jail for $12m investment fraudster
2002-3-22
A former dealer of a securities company was sentenced to six years' imprisonment at the Court of First Instance today (Friday) for swindling 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, earlier pleaded guilty to 30 sample charges of deception and theft at the Eastern Magistracy. Magistrate Mr David Dufton then ordered the case be committed to the High Court for se ntence.
In sentencing, Deputy Judge Longley said the offences constituted a serious breach of trust not only to the investment company, but also to its clients.
The Judge said he had taken into consideration the defendant's guilty plea and her co-operation to the ICAC in giving discounts to the nine-year starting point.
The 20 deception charges stated that Ho, with a view to gain for herself, had procured the making of credit entries totalling $4,858,854 in bank accounts controlled by herself by deception, by falsely representing to a number of persons that shares of var ious companies had been purchased on their behalf.
The remaining 10 theft charges stated that Ho had stolen shares of various companies, valued at $2,151,954 in total, from a number of persons.
The offences, which 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. ICAC investigations revealed this huge deception scheme.
The court heard that the defendant had suffered losses from her investment in shares, some of 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 false selling instructions to Ricofull in regard to a number of her clients' shares. She also forged signatures on the share certificates to effect transfers of ownership.
She then used the proceeds of such transactions, worth $2,151,954 in total, to balance those clients' accounts from which she made her own speculation.
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 to their real addresses documents which were purported records of transactions that never t ook place.
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, earlier pleaded guilty to 30 sample charges of deception and theft at the Eastern Magistracy. Magistrate Mr David Dufton then ordered the case be committed to the High Court for se ntence.
In sentencing, Deputy Judge Longley said the offences constituted a serious breach of trust not only to the investment company, but also to its clients.
The Judge said he had taken into consideration the defendant's guilty plea and her co-operation to the ICAC in giving discounts to the nine-year starting point.
The 20 deception charges stated that Ho, with a view to gain for herself, had procured the making of credit entries totalling $4,858,854 in bank accounts controlled by herself by deception, by falsely representing to a number of persons that shares of var ious companies had been purchased on their behalf.
The remaining 10 theft charges stated that Ho had stolen shares of various companies, valued at $2,151,954 in total, from a number of persons.
The offences, which 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. ICAC investigations revealed this huge deception scheme.
The court heard that the defendant had suffered losses from her investment in shares, some of 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 false selling instructions to Ricofull in regard to a number of her clients' shares. She also forged signatures on the share certificates to effect transfers of ownership.
She then used the proceeds of such transactions, worth $2,151,954 in total, to balance those clients' accounts from which she made her own speculation.
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 to their real addresses documents which were purported records of transactions that never t ook place.
The prosecution was today represented by Senior Government Counsel Bianca Cheng, assisted by ICAC officer Daphne Lim.