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A 52-year-old woman was today (November 19) sentenced to seven years・ imprisonment by the High Court over a $25 million securities fraud.
The court heard that the defendant was the director and majority shareholder of an investment company.
In November 2007, the Securities and Futures Commission discovered unauthorised dealings and irregularities with a total worth of $25 million with respect to clients・ accounts and records maintained by the company. The case was then referred to the Commercial Crime Bureau.
Police・s further investigation revealed that the defendant had misappropriated the clients・ shares and funds without their consent or authorisation since 2005.
In attempting to conceal the misappropriation, the defendant falsified the clients・ agreements, bought/sold notes, transfer instructions and monthly statements.
The defendant was arrested and charged in December 2007 and October 2008 respectively.
She was convicted of three counts of fraud and three counts of theft and sentence was handed down today.
Police Report No. 2
Ends/Thursday, November 19, 2009
Issued at HKT 22:10
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