Ex-bank manager charged with insurance commission fraud
2020-8-12
A former manager of a bank has been charged by the ICAC today (August 12) with deceiving a client into taking out an insurance policy before opening a bank account, and defrauding the bank that the client was referred by another bank manager.
Ng Chiu-man, 34, former financial planning manager of Dah Sing Bank, Limited (Dah Sing Bank), faces two charges – one of fraud, contrary to Section 16A of the Theft Ordinance, and one of agent using document with intent to deceive his principal, contrary to Section 9(3) of the Prevention of Bribery Ordinance.
The defendant will appear in the Fanling Magistrates’ Courts on Friday (August 14) for plea.
At the material time, Dah Sing Bank entered into a partnership scheme with an insurance company to promote its insurance products. The defendant was a financial planning manager employed by Dah Sing Bank under the scheme and posted to its Fanling Branch to promote those insurance products to the bank’s clients.
Relationship managers of Dah Sing Bank could also refer bank clients to financial planning managers for taking out insurance policies of the insurance company. Commissions would be granted by Dah Sing Bank to its relationship managers, depending on their quarterly performances.
One of the charges alleges that on or about January 19, 2019, the defendant falsely represented to a client that taking out an insurance policy of the insurance company was a prerequisite for opening a corporate bank account with Dah Sing Bank, and with intent to defraud, induced the client to take out the insurance policy, which resulted in benefit to him or in prejudice to the client.
It is alleged that Dah Sing Bank had released commissions totalling about $6,500 to the defendant in relation to the insurance policy.
The remaining charge alleges that on or about the same day, the defendant falsely stated in the application form of the abovementioned insurance policy that a relationship manager was the referral staff of the application and which to his knowledge was intended to mislead Dah Sing Bank.
Dah Sing Bank would have granted the relationship manager a commission of over $900 for “referring” the client to the bank if he had not resigned.
Dah Sing Bank has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Friday.
Ng Chiu-man, 34, former financial planning manager of Dah Sing Bank, Limited (Dah Sing Bank), faces two charges – one of fraud, contrary to Section 16A of the Theft Ordinance, and one of agent using document with intent to deceive his principal, contrary to Section 9(3) of the Prevention of Bribery Ordinance.
The defendant will appear in the Fanling Magistrates’ Courts on Friday (August 14) for plea.
At the material time, Dah Sing Bank entered into a partnership scheme with an insurance company to promote its insurance products. The defendant was a financial planning manager employed by Dah Sing Bank under the scheme and posted to its Fanling Branch to promote those insurance products to the bank’s clients.
Relationship managers of Dah Sing Bank could also refer bank clients to financial planning managers for taking out insurance policies of the insurance company. Commissions would be granted by Dah Sing Bank to its relationship managers, depending on their quarterly performances.
One of the charges alleges that on or about January 19, 2019, the defendant falsely represented to a client that taking out an insurance policy of the insurance company was a prerequisite for opening a corporate bank account with Dah Sing Bank, and with intent to defraud, induced the client to take out the insurance policy, which resulted in benefit to him or in prejudice to the client.
It is alleged that Dah Sing Bank had released commissions totalling about $6,500 to the defendant in relation to the insurance policy.
The remaining charge alleges that on or about the same day, the defendant falsely stated in the application form of the abovementioned insurance policy that a relationship manager was the referral staff of the application and which to his knowledge was intended to mislead Dah Sing Bank.
Dah Sing Bank would have granted the relationship manager a commission of over $900 for “referring” the client to the bank if he had not resigned.
Dah Sing Bank has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Friday.