Five years' jail for ex-insurance company executive in $15m fraud
2004-10-18
A former senior marketing manager of an insurance company, charged by the ICAC, was today (Monday) sentenced to five years' imprisonment at District Court for deceiving $15.7 million from the company with inflated and falsified invoices for printing order s.
Winnie Sin Wing-yi, 41, formerly employed by Prudential Assurance Company Limited (Prudential), was today found guilty of two counts of conspiracy to defraud, and two of dealing with property known or believed to represent proceeds of an indictable offenc e.
Co-defendant, Lee Wai-li, 54, who had earlier pleaded guilty to similar charges, today received a two-year jail term.
In sentencing, Judge Peter Line reprimanded Sin for a serious breach of trust, which warranted an immediate custodial sentence.
The judge said Lee was given a lesser jail term in view of her relatively minor role in the case.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed a fraudulent scam orchestrated by Sin.
The court heard that while employed by Prudential, Sin was responsible for placing printing orders for the insurance company.
Between November 1997 and October 2000, Sin had issued a number of orders to a printing company.
At the same time, Sin also instructed a number of persons to inflate or falsify invoices of various companies, some of which were under Sin's control and operated by her relatives, including her aunt, Lee, the court heard.
Sin submitted these false invoices, together with those of the genuine printer, to Prudential for claiming payments.
As a result, Prudential was caused to pay out a total of $18.2 million, of which only a small portion was paid to the genuine printer while the remaining went to those companies issuing the false invoices.
The court heard that the inflated amount of $15.7 million was subsequently deposited into Sin's personal bank account.
The prosecution was today represented by Mr Michael Gerber, counsel on fiat, assisted by ICAC officer Diana Pang.
Winnie Sin Wing-yi, 41, formerly employed by Prudential Assurance Company Limited (Prudential), was today found guilty of two counts of conspiracy to defraud, and two of dealing with property known or believed to represent proceeds of an indictable offenc e.
Co-defendant, Lee Wai-li, 54, who had earlier pleaded guilty to similar charges, today received a two-year jail term.
In sentencing, Judge Peter Line reprimanded Sin for a serious breach of trust, which warranted an immediate custodial sentence.
The judge said Lee was given a lesser jail term in view of her relatively minor role in the case.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed a fraudulent scam orchestrated by Sin.
The court heard that while employed by Prudential, Sin was responsible for placing printing orders for the insurance company.
Between November 1997 and October 2000, Sin had issued a number of orders to a printing company.
At the same time, Sin also instructed a number of persons to inflate or falsify invoices of various companies, some of which were under Sin's control and operated by her relatives, including her aunt, Lee, the court heard.
Sin submitted these false invoices, together with those of the genuine printer, to Prudential for claiming payments.
As a result, Prudential was caused to pay out a total of $18.2 million, of which only a small portion was paid to the genuine printer while the remaining went to those companies issuing the false invoices.
The court heard that the inflated amount of $15.7 million was subsequently deposited into Sin's personal bank account.
The prosecution was today represented by Mr Michael Gerber, counsel on fiat, assisted by ICAC officer Diana Pang.