Ex-bank manager gets 17 months for soliciting HK$920,000 illegal commissions upon re-trial
2018-8-23
A former relationship manager of a bank, charged by the ICAC, was today (August 23) sentenced to 17 months’ imprisonment at the Eastern Magistracy for soliciting illegal commissions of about HK$920,000 in total from a client for handling her securities transactions upon his re-trial.
Jeff Ye Feng, 42, a former relationship manager of Bank of Communications Company Limited Hong Kong Branch (BOCM Hong Kong Branch), yesterday pleaded guilty to two counts of soliciting an advantage as an agent, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
In sentencing, Principal Magistrate Mr Peter Law Tak-chuen said the offences committed by the defendant, which constituted a breach of trust, had brought an adverse impact on Hong Kong as an international financial centre.
The principal 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 relationship manager 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 misled the client to believe 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.
The court heard that 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.
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, and the outstanding amount was about HK$637,000, the court was told.
On April 7, 2017, the defendant was found guilty of the same charges at the Eastern Magistracy and was sentenced to 15 months’ imprisonment.
The defendant subsequently lodged an appeal against his conviction. On July 13, 2018, the Court of First Instance ordered a re-trial. The case was brought to the Eastern Magistracy yesterday for fixing a date for his re-trial.
BOCM Hong Kong Branch had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by Senior Public Prosecutor Rosa Lo, assisted by ICAC officer Chris Chan.
Jeff Ye Feng, 42, a former relationship manager of Bank of Communications Company Limited Hong Kong Branch (BOCM Hong Kong Branch), yesterday pleaded guilty to two counts of soliciting an advantage as an agent, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
In sentencing, Principal Magistrate Mr Peter Law Tak-chuen said the offences committed by the defendant, which constituted a breach of trust, had brought an adverse impact on Hong Kong as an international financial centre.
The principal 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 relationship manager 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 misled the client to believe 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.
The court heard that 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.
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, and the outstanding amount was about HK$637,000, the court was told.
On April 7, 2017, the defendant was found guilty of the same charges at the Eastern Magistracy and was sentenced to 15 months’ imprisonment.
The defendant subsequently lodged an appeal against his conviction. On July 13, 2018, the Court of First Instance ordered a re-trial. The case was brought to the Eastern Magistracy yesterday for fixing a date for his re-trial.
BOCM Hong Kong Branch had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by Senior Public Prosecutor Rosa Lo, assisted by ICAC officer Chris Chan.