Duo jailed for $365,000 bribery over trading in securities
2014-9-3
A former licensed representative and a client of a securities firm, charged by the ICAC, were today (Wednesday) each sentenced to nine months’ imprisonment at the Eastern Magistracy after being convicted of accepting and offering over $365,000 in illegal commissions respectively in relation to trading in securities.
Ching Yim-har, 60, a former licensed representative of Phillip Securities (Hong Kong) Limited (PSL), was found guilty of two counts agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Yip Ying-lai, 56, a client of PSL, was convicted of two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
In sentencing, Magistrate So Wai-tak said immediate custodial sentences were appropriate for Ching and Yip.
The magistrate also ordered Ching to pay over $365,000 as restitution to PSL.
The court heard that at the material time, Ching was a licensed representative accredited to PSL to deal in securities and advise on securities under the Securities and Futures Ordinance on behalf of clients of PSL. Yip was a client of PSL.
Ching did not have a basic salary and was only entitled to commissions calculated at the rate of 50% of commissions received by PSL for the transactions she handled.
In 2006, Ching asked Yip for extra commissions equivalent to 20 per cent of profits made annually in stock trading through Yip’s account held with PSL. Yip acceded to the request.
The court heard that on January 6, 2007, Ching informed Yip that she made profits of about $500,000 in stock trading through Yip’s account held with PSL in the previous year, so Yip had to pay her extra commissions of $99,688 being about 20 per cent of the profits.
Yip issued a cheque for the said sum of money payable to Ching. The cheque was subsequently deposited into the bank account of Ching.
On January 10, 2008, Ching did the same by asking Yip to pay her extra commissions of $265,688 equivalent to about 20 per cent of profits totalling about $1.3 million earned in the previous year. Yip subsequently transferred the said sum of money to Chin g’s bank account.
PSL confirmed that Ching was not allowed to solicit or accept any advantages from clients of PSL in relation to its business, the court was told.
The case arose from a corruption complaint referred by the Securities and Futures Commission (SFC). In the course of the ICAC investigation, SFC and PSL had rendered full assistance.
The prosecution was today represented by Acting Senior Public Prosecutor Karen Yuen, assisted by ICAC officer Janice Chan.
Ching Yim-har, 60, a former licensed representative of Phillip Securities (Hong Kong) Limited (PSL), was found guilty of two counts agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Yip Ying-lai, 56, a client of PSL, was convicted of two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
In sentencing, Magistrate So Wai-tak said immediate custodial sentences were appropriate for Ching and Yip.
The magistrate also ordered Ching to pay over $365,000 as restitution to PSL.
The court heard that at the material time, Ching was a licensed representative accredited to PSL to deal in securities and advise on securities under the Securities and Futures Ordinance on behalf of clients of PSL. Yip was a client of PSL.
Ching did not have a basic salary and was only entitled to commissions calculated at the rate of 50% of commissions received by PSL for the transactions she handled.
In 2006, Ching asked Yip for extra commissions equivalent to 20 per cent of profits made annually in stock trading through Yip’s account held with PSL. Yip acceded to the request.
The court heard that on January 6, 2007, Ching informed Yip that she made profits of about $500,000 in stock trading through Yip’s account held with PSL in the previous year, so Yip had to pay her extra commissions of $99,688 being about 20 per cent of the profits.
Yip issued a cheque for the said sum of money payable to Ching. The cheque was subsequently deposited into the bank account of Ching.
On January 10, 2008, Ching did the same by asking Yip to pay her extra commissions of $265,688 equivalent to about 20 per cent of profits totalling about $1.3 million earned in the previous year. Yip subsequently transferred the said sum of money to Chin g’s bank account.
PSL confirmed that Ching was not allowed to solicit or accept any advantages from clients of PSL in relation to its business, the court was told.
The case arose from a corruption complaint referred by the Securities and Futures Commission (SFC). In the course of the ICAC investigation, SFC and PSL had rendered full assistance.
The prosecution was today represented by Acting Senior Public Prosecutor Karen Yuen, assisted by ICAC officer Janice Chan.