Ex-bank manager charged with insurance commission fraud
2019-9-17
A former senior financial planning manager of a bank has been charged by the ICAC today (September 17) with defrauding the bank of commission by falsely representing that eight insurance applications were referred by a relationship manager of the bank.
Chui Yuk-lam, 32, former senior financial planning manager of China CITIC Bank International Limited (CNCBI), faces one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.
The defendant will appear at the Eastern Magistracy on Thursday (September 19) for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offence.
At the material time, CNCBI entered into a partnership scheme with an insurance company to promote its insurance products. The defendant was a senior financial planning manager employed by CNCBI under the scheme and posted to its Leighton Road Branch to promote those insurance products to the bank’s clients.
Relationship managers of CNCBI could also refer bank clients to financial planning managers for taking out insurance policies of the insurance company. Commissions would be granted by CNCBI to its relationship managers, depending on their quarterly performances.
The charge alleges that between June 3 and September 20, 2016, the defendant falsely represented to CNCBI that a relationship manager was the referee of eight insurance applications of the insurance company, and with intent to defraud, induced CNCBI to take into account the eight insurance applications when calculating the commission to be payable to that relationship manager, which resulted in prejudice to CNCBI.
CNCBI has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Thursday.
Chui Yuk-lam, 32, former senior financial planning manager of China CITIC Bank International Limited (CNCBI), faces one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.
The defendant will appear at the Eastern Magistracy on Thursday (September 19) for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offence.
At the material time, CNCBI entered into a partnership scheme with an insurance company to promote its insurance products. The defendant was a senior financial planning manager employed by CNCBI under the scheme and posted to its Leighton Road Branch to promote those insurance products to the bank’s clients.
Relationship managers of CNCBI could also refer bank clients to financial planning managers for taking out insurance policies of the insurance company. Commissions would be granted by CNCBI to its relationship managers, depending on their quarterly performances.
The charge alleges that between June 3 and September 20, 2016, the defendant falsely represented to CNCBI that a relationship manager was the referee of eight insurance applications of the insurance company, and with intent to defraud, induced CNCBI to take into account the eight insurance applications when calculating the commission to be payable to that relationship manager, which resulted in prejudice to CNCBI.
CNCBI has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Thursday.