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Police today (November 5) charged a female employee of a local bank with five counts of fraudulently or recklessly inducing others to invest money, in contravention of S107 of the Securities and Futures Ordinance, Cap 571.
Police received reports of mis-selling of structured products after a financial institution filed for bankruptcy in the U.S. in September 2008.
After extensive investigation by the Police Commercial Crime Bureau (CCB) and consultation with the Department of Justice, the 51-year-old bank employee was arrested in March, 2010 in Yau Ma Tei. She is believed to have misled and induced four customers on various occasions to purchase structured products between 2004 and 2008. The total amount involved is estimated to be $1.26 million.
The employee was charged today and will appear at Eastern Magistrates’ Courts on November 10.
Investigations by CCB into other similar reports continue.
Police Report No. 25
Ends/Friday, November 5, 2010
Issued at HKT 18:59
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