One more ex-bank manager jailed for bribery and fraud
2016-7-13
A former manager of a bank, charged by the ICAC, was today (Wednesday) sentenced to 10 months’ imprisonment at the District Court for offering up to $115,000 in bribes over referral of clients and deceiving about $118,000 in commissions following two others jailed for their roles in the case.
Li Lee, 29, a former Wealth Management Manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), was also ordered by Judge Frankie Yiu Fun-che to pay over $52,000 as compensation to HSBC.
In sentencing, the judge said Li had seriously breached the trust placed on her and put the reputation of the bank at risk.
However, the judge said the starting point of 18 months in jail was reduced to 10 months after taking into account various factors, including Li’s guilty plea, her assistance rendered to the prosecution and the passive role she played in the scam.
Li earlier pleaded guilty to seven charges – two of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance, and five of fraud, contrary to Section 16A of the Theft Ordinance.
The court heard that at the material time, Li was employed by HSBC as Wealth Management Manager to promote and sell its investment and insurance products to clients.
Between September and October 2012, Li falsely represented to HSBC that she was the sales staff of 11 unit trust subscription orders and one insurance policy made by five clients. As a result, HSBC was induced to release about $118,000 in commissions to her.
The court heard that in around September and October 2012, Li agreed to offer a bribe of $55,000 to Chau Hang-yu (formerly known as Aixingero Chat-yung), an Associate Relationship Manager of HSBC, as a reward for referring clients to her.
In November 2012, Li also offered another bribe of $30,000 to $60,000 to Chau for the same purpose, the court was told.
Chau, 30, and Steve Chow Chun-yin, 32, a then Wealth Management Manager of HSBC, were also charged by the ICAC for their roles in the scam.
After pleading guilty to two counts of fraud, Chau was sentenced to 12 months’ imprisonment at the District Court on February 23 this year.
Chow was found guilty after trial of three charges – two of fraud, and one of offering an advantage to an agent. He was jailed for 18 months.
HSBC had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Francis Lo, assisted by ICAC officer Berek Fung.
Li Lee, 29, a former Wealth Management Manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), was also ordered by Judge Frankie Yiu Fun-che to pay over $52,000 as compensation to HSBC.
In sentencing, the judge said Li had seriously breached the trust placed on her and put the reputation of the bank at risk.
However, the judge said the starting point of 18 months in jail was reduced to 10 months after taking into account various factors, including Li’s guilty plea, her assistance rendered to the prosecution and the passive role she played in the scam.
Li earlier pleaded guilty to seven charges – two of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance, and five of fraud, contrary to Section 16A of the Theft Ordinance.
The court heard that at the material time, Li was employed by HSBC as Wealth Management Manager to promote and sell its investment and insurance products to clients.
Between September and October 2012, Li falsely represented to HSBC that she was the sales staff of 11 unit trust subscription orders and one insurance policy made by five clients. As a result, HSBC was induced to release about $118,000 in commissions to her.
The court heard that in around September and October 2012, Li agreed to offer a bribe of $55,000 to Chau Hang-yu (formerly known as Aixingero Chat-yung), an Associate Relationship Manager of HSBC, as a reward for referring clients to her.
In November 2012, Li also offered another bribe of $30,000 to $60,000 to Chau for the same purpose, the court was told.
Chau, 30, and Steve Chow Chun-yin, 32, a then Wealth Management Manager of HSBC, were also charged by the ICAC for their roles in the scam.
After pleading guilty to two counts of fraud, Chau was sentenced to 12 months’ imprisonment at the District Court on February 23 this year.
Chow was found guilty after trial of three charges – two of fraud, and one of offering an advantage to an agent. He was jailed for 18 months.
HSBC had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Francis Lo, assisted by ICAC officer Berek Fung.