Ex-agents in court for alleged $450,000 insurance fraud
2015-12-31
Two former agents of two insurance companies appeared in the Eastern Magistracy today (Thursday) after being charged by the ICAC with fraud by using bogus insurance policies to defraud the companies of commissions and bonuses totalling about $450,000.
Tse Yip-shing, 33, former insurance agent of AIA International Limited (AIA); and Tang Shing, 30, former financial consultant of AXA China Region Insurance Company Limited (AXA), who were charged on Tuesday (December 29), faced one count and two counts of fraud respectively, contrary to Section 16(A)(1) of the Theft Ordinance, in two separate cases.
Tse and Tang today pleaded not guilty to their respective charges. Magistrate Mr Jason Wan Siu-ming adjourned their cases to February 26 and February 11 next year for pre-trial reviews respectively.
The cases arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
In the first case, Tse faced one count of fraud, which alleged that between November 26 and 30, 2009, he falsely represented to AIA that the proposed policy holder of an insurance policy was the genuine buyer of the policy underwritten by AIA.
Tse, with intent to defraud, allegedly induced AIA to underwrite and approve the policy to the proposed policy holder, and pay commissions and bonuses to Tse in connection with the policy. The commissions and bonuses paid to Tse were said to amount to over $327,000.
In the second case, Tang faced two counts of fraud, which alleged that between November 25, 2009 and August 27, 2010, he falsely represented to AXA that two proposed policy holders of two insurance policies were the genuine buyers of the policies underwritten by AXA.
With intent to defraud, Tang allegedly induced AXA to underwrite and approve the two policies to the proposed policy holders, and pay commissions and bonuses to Tang in connection with the policies. The commissions and bonuses paid to Tang were said to amount to about $120,000.
Tse and Tang were each granted cash bail of $10,000, but were ordered to reside at their reported addresses and not to interfere with prosecution witnesses.
AIA and AXA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Simon Ip in the two cases.
Tse Yip-shing, 33, former insurance agent of AIA International Limited (AIA); and Tang Shing, 30, former financial consultant of AXA China Region Insurance Company Limited (AXA), who were charged on Tuesday (December 29), faced one count and two counts of fraud respectively, contrary to Section 16(A)(1) of the Theft Ordinance, in two separate cases.
Tse and Tang today pleaded not guilty to their respective charges. Magistrate Mr Jason Wan Siu-ming adjourned their cases to February 26 and February 11 next year for pre-trial reviews respectively.
The cases arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
In the first case, Tse faced one count of fraud, which alleged that between November 26 and 30, 2009, he falsely represented to AIA that the proposed policy holder of an insurance policy was the genuine buyer of the policy underwritten by AIA.
Tse, with intent to defraud, allegedly induced AIA to underwrite and approve the policy to the proposed policy holder, and pay commissions and bonuses to Tse in connection with the policy. The commissions and bonuses paid to Tse were said to amount to over $327,000.
In the second case, Tang faced two counts of fraud, which alleged that between November 25, 2009 and August 27, 2010, he falsely represented to AXA that two proposed policy holders of two insurance policies were the genuine buyers of the policies underwritten by AXA.
With intent to defraud, Tang allegedly induced AXA to underwrite and approve the two policies to the proposed policy holders, and pay commissions and bonuses to Tang in connection with the policies. The commissions and bonuses paid to Tang were said to amount to about $120,000.
Tse and Tang were each granted cash bail of $10,000, but were ordered to reside at their reported addresses and not to interfere with prosecution witnesses.
AIA and AXA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Simon Ip in the two cases.