Former HSBC SVP Pleads Guilty of Cheating $5.2 Million Via Non-Existent Investments
A former SVP of HSBC has pleaded guilty on 1st June 2018 for cheating $5.2 million through non-existent investments over 12 years from 2003 to 2015 to fund her gambling habits, including after leaving HSBC in 2012.
” Former HSBC SVP Pleads Guilty of Cheating $5.2 Million Via Non-Existent Investments “
The defendant, Emeline Tang, had offered higher fixed deposits rates and investment plans in the range of 3% to 4% at “HSBC” and persuaded victims to provide cash cheques or cash to speed up the process. She had also prepared policy booklets bearing the HSBC bank’s logo. The fraud was uncovered when the victims (clients) contacted HSBC to withdraw their funds.
She had spent around $3 million to fund her gambling at Marina Bay Sands and Resort World Sentosa casinos. She has since returned over $800,000 to her victims (clients), with the amount including the “returns” of the fixed deposit and investment plans.
4 of her 5 victims are her relatives, with 4 of them being 69 years and older. The court will decide the case on 26th June 2018.
Source: Straits Times