Ex-vice president of bank jailed for soliciting HK$920,000 illegal commissions
2017-4-7
A former vice president of a bank, charged by the ICAC, was today (April 7) sentenced to 15 months’ imprisonment at the Eastern Magistracy after being convicted of soliciting illegal commissions of about HK$920,000 in total from a client for handling securities transactions conducted in her accounts with the bank.
Jeff Ye Feng, 41, a former vice president of Bank of Communications Company Limited Hong Kong Branch (BOCM Hong Kong Branch), was found guilty of two counts of soliciting an advantage as an agent, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
In sentencing, Magistrate Jason Wan Siu-ming said the defendant had breached the trust placed on him by the bank.
The magistrate also ordered the defendant to make about HK$637,000 as restitution to the bank.
The court heard that at the material time, the defendant was a vice president of BOCM Hong Kong Branch. His duties included providing private banking clients with banking services and handling their securities transactions.
On April 30, 2014, the defendant became a relationship manager of a Mainland client who maintained accounts with BOCM Hong Kong Branch. Since then, the defendant had assisted the client in making investments in the Hong Kong stock market through her accounts.
Later in September 2014, the defendant told the client that it was a usual practice in Hong Kong for a relationship manager to receive 20 per cent of the profit made by a client as extra commission.
The client believed that BOCM Hong Kong Branch allowed the defendant to receive the extra commission.
On October 5, 2014, the defendant sent an email to inform the client that her shares had made a profit and solicited an extra commission of about RMB112,000 (about HK$142,000) from the client. The defendant asked the client to pay the money into his bank account maintained in the Mainland.
On October 20, 2014, the client paid the money into the bank account accordingly, the court heard.
On April 9, 2015, the defendant sent another email to the client informing that her shares had made another profit. He solicited an extra commission of about RMB620,000 (about HK$775,000) from the client. Five days later, the client paid the money into the defendant’s bank account in the Mainland.
The client later discovered that she had suffered a substantial loss in her shares account. Upon request, the defendant returned about RMB230,000 (about HK$280,000) to the client, the court was told.
BOCM Hong Kong Branch had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Newman Wong, assisted by ICAC officers William Leung and Chris Chan.
Jeff Ye Feng, 41, a former vice president of Bank of Communications Company Limited Hong Kong Branch (BOCM Hong Kong Branch), was found guilty of two counts of soliciting an advantage as an agent, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
In sentencing, Magistrate Jason Wan Siu-ming said the defendant had breached the trust placed on him by the bank.
The magistrate also ordered the defendant to make about HK$637,000 as restitution to the bank.
The court heard that at the material time, the defendant was a vice president of BOCM Hong Kong Branch. His duties included providing private banking clients with banking services and handling their securities transactions.
On April 30, 2014, the defendant became a relationship manager of a Mainland client who maintained accounts with BOCM Hong Kong Branch. Since then, the defendant had assisted the client in making investments in the Hong Kong stock market through her accounts.
Later in September 2014, the defendant told the client that it was a usual practice in Hong Kong for a relationship manager to receive 20 per cent of the profit made by a client as extra commission.
The client believed that BOCM Hong Kong Branch allowed the defendant to receive the extra commission.
On October 5, 2014, the defendant sent an email to inform the client that her shares had made a profit and solicited an extra commission of about RMB112,000 (about HK$142,000) from the client. The defendant asked the client to pay the money into his bank account maintained in the Mainland.
On October 20, 2014, the client paid the money into the bank account accordingly, the court heard.
On April 9, 2015, the defendant sent another email to the client informing that her shares had made another profit. He solicited an extra commission of about RMB620,000 (about HK$775,000) from the client. Five days later, the client paid the money into the defendant’s bank account in the Mainland.
The client later discovered that she had suffered a substantial loss in her shares account. Upon request, the defendant returned about RMB230,000 (about HK$280,000) to the client, the court was told.
BOCM Hong Kong Branch had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Newman Wong, assisted by ICAC officers William Leung and Chris Chan.