Ex-manager of insurance company charged by ICAC jailed for laundering $640,000 crime proceeds
2022-4-8
A former manager of an insurance company, charged by the ICAC, was today (April 8) sentenced to 10 months’ imprisonment at the Kowloon City Magistrates’ Courts for laundering over $640,000 in crime proceeds in relation to the sale of insurance products.
Ho Che-chun, 27, former senior unit manager of Sun Life Hong Kong Limited (Sun Life HK), was earlier found guilty of five counts of dealing with property known or reasonably believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance.
In sentencing, Deputy Magistrate Mr Wong Tsz-ho said there had been a breach of trust. The deputy magistrate took a starting point of 12 months’ imprisonment and reduced the defendant’s jail term to 10 months after taking into account mitigation on his behalf.
The ICAC investigation arose from a corruption complaint. Subsequent enquiries revealed the above offences.
The court heard that Sun Life HK was a licensed insurer in Hong Kong. When an insurance product was sold, the company would release commissions and overriding commissions respectively to the handling agent and his/her up-line managers.
At the material time, the defendant was a senior unit manager of Sun Life HK. He told his team members at weekly meetings that in order to maximise the commissions receivable by the whole team, arrangements would be made for the lowest ranking staff in the team to receive commissions from the company apart from receiving basic monthly salaries. The relevant commissions received by those staff should be passed to the defendant for handling.
Between September and November 2017, Sun Life HK received eight insurance applications in which two down-line agents of the defendant were named as the handling agents. Believing that the information in the relevant application forms were genuine, Sun Life HK approved those applications and granted commissions in relation to the eight policies to the two down-line agents.
Between October 2017 and January 2018, the defendant instructed the two down-line agents to return the commissions to him in five sums of cash, each ranged from $38,000 to $267,000, totalling over $640,000.
ICAC enquiries revealed that the two down-line agents did not take part in the sale process of the eight policies concerned. The defendant had dealt with the five sums of cash totalling over $640,000 on five occasions although he knew or had reasonable grounds to believe that the sums of money in whole or in part directly or indirectly represented any person’s proceeds of indictable offence.
Sun Life HK had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Nick Lai.
Ho Che-chun, 27, former senior unit manager of Sun Life Hong Kong Limited (Sun Life HK), was earlier found guilty of five counts of dealing with property known or reasonably believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance.
In sentencing, Deputy Magistrate Mr Wong Tsz-ho said there had been a breach of trust. The deputy magistrate took a starting point of 12 months’ imprisonment and reduced the defendant’s jail term to 10 months after taking into account mitigation on his behalf.
The ICAC investigation arose from a corruption complaint. Subsequent enquiries revealed the above offences.
The court heard that Sun Life HK was a licensed insurer in Hong Kong. When an insurance product was sold, the company would release commissions and overriding commissions respectively to the handling agent and his/her up-line managers.
At the material time, the defendant was a senior unit manager of Sun Life HK. He told his team members at weekly meetings that in order to maximise the commissions receivable by the whole team, arrangements would be made for the lowest ranking staff in the team to receive commissions from the company apart from receiving basic monthly salaries. The relevant commissions received by those staff should be passed to the defendant for handling.
Between September and November 2017, Sun Life HK received eight insurance applications in which two down-line agents of the defendant were named as the handling agents. Believing that the information in the relevant application forms were genuine, Sun Life HK approved those applications and granted commissions in relation to the eight policies to the two down-line agents.
Between October 2017 and January 2018, the defendant instructed the two down-line agents to return the commissions to him in five sums of cash, each ranged from $38,000 to $267,000, totalling over $640,000.
ICAC enquiries revealed that the two down-line agents did not take part in the sale process of the eight policies concerned. The defendant had dealt with the five sums of cash totalling over $640,000 on five occasions although he knew or had reasonable grounds to believe that the sums of money in whole or in part directly or indirectly represented any person’s proceeds of indictable offence.
Sun Life HK had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Nick Lai.