Ex-agent admits fraud and theft over property and lease deals
2018-2-21
A former agent of a property agency, charged by the ICAC, admitted at the Kwun Tong Magistracy today (February 21) that he had defrauded and stolen commissions amounting to over $82,000 in property and lease transactions.
Yuen Wai-kuen, 34, former property agent of Centaline Property Agency Limited (CPA), pleaded guilty to four charges – two of fraud, contrary to Section 16A of the Theft Ordinance, and two of theft, contrary to Section 9 of the Theft Ordinance. The prosecution offered no evidence to a similar charge of theft against him.
Principal Magistrate Mr Peter Law Tak-chuen adjourned the case to March 7 for sentence, pending background and community service order reports. The defendant was granted bail.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above offences.
The court heard that at the material time, the defendant was a property agent of CPA posted to its Telford Branch. He was under the duty to report to CPA any property and lease transactions successfully procured by him.
In May 2015, a client of CPA and her boyfriend entrusted the defendant to look for a property. Afterwards, the defendant brought them to view a property in Chun Wah Road, Ngau Tau Kok, and arranged for the client’s boyfriend to sign a form appointing CPA as his agent.
On June 29, 2015, the client and her boyfriend decided to buy the property at $4.25 million in the name of the client. The defendant arranged for the client to sign a provisional sale and purchase agreement and a form claiming that another property agency was the exclusive agent representing the vendor.
As the defendant did not report the transaction to CPA, CPA did not demand from the client’s boyfriend the payment of the commission for services rendered by CPA with regard to the purchase of that property.
The court heard that on October 15, 2014, another client of CPA engaged the defendant to look for a property.
Two days later, the defendant brought the client to view two properties, including a property in Ngau Tau Kok, and arranged for her to sign a form appointing CPA as her agent.
When the client told the defendant on the same day that she decided to buy the property in Ngau Tau Kok at over $3.6 million, the defendant brought her to a third property agency to sign a provisional sale and purchase agreement.
On December 18, 2014, the defendant asked the client to settle a commission of $18,000 by issuing a cheque without naming the payee. The client did so in the belief that the $18,000 was to be paid to CPA. On the following day, the cheque was deposited into the bank account of that property agency.
As the defendant did not report the transaction to CPA, CPA did not demand from the client the payment of the commission for services rendered by CPA with regard to the purchase of that property.
The court heard that on or about April 12, 2015, the defendant stole a commission of $5,750 payable to CPA in relation to a lease transaction.
On or about May 12, 2015, the defendant stole another commission of $15,800 payable to CPA in relation to another property transaction, the court was told.
CPA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Ronald Chan.
Yuen Wai-kuen, 34, former property agent of Centaline Property Agency Limited (CPA), pleaded guilty to four charges – two of fraud, contrary to Section 16A of the Theft Ordinance, and two of theft, contrary to Section 9 of the Theft Ordinance. The prosecution offered no evidence to a similar charge of theft against him.
Principal Magistrate Mr Peter Law Tak-chuen adjourned the case to March 7 for sentence, pending background and community service order reports. The defendant was granted bail.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above offences.
The court heard that at the material time, the defendant was a property agent of CPA posted to its Telford Branch. He was under the duty to report to CPA any property and lease transactions successfully procured by him.
In May 2015, a client of CPA and her boyfriend entrusted the defendant to look for a property. Afterwards, the defendant brought them to view a property in Chun Wah Road, Ngau Tau Kok, and arranged for the client’s boyfriend to sign a form appointing CPA as his agent.
On June 29, 2015, the client and her boyfriend decided to buy the property at $4.25 million in the name of the client. The defendant arranged for the client to sign a provisional sale and purchase agreement and a form claiming that another property agency was the exclusive agent representing the vendor.
As the defendant did not report the transaction to CPA, CPA did not demand from the client’s boyfriend the payment of the commission for services rendered by CPA with regard to the purchase of that property.
The court heard that on October 15, 2014, another client of CPA engaged the defendant to look for a property.
Two days later, the defendant brought the client to view two properties, including a property in Ngau Tau Kok, and arranged for her to sign a form appointing CPA as her agent.
When the client told the defendant on the same day that she decided to buy the property in Ngau Tau Kok at over $3.6 million, the defendant brought her to a third property agency to sign a provisional sale and purchase agreement.
On December 18, 2014, the defendant asked the client to settle a commission of $18,000 by issuing a cheque without naming the payee. The client did so in the belief that the $18,000 was to be paid to CPA. On the following day, the cheque was deposited into the bank account of that property agency.
As the defendant did not report the transaction to CPA, CPA did not demand from the client the payment of the commission for services rendered by CPA with regard to the purchase of that property.
The court heard that on or about April 12, 2015, the defendant stole a commission of $5,750 payable to CPA in relation to a lease transaction.
On or about May 12, 2015, the defendant stole another commission of $15,800 payable to CPA in relation to another property transaction, the court was told.
CPA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Ronald Chan.