Former HSBC SVP Sentenced to 10.5 Years in Jail for $5.2 Million Investment Scam
A former SVP of HSBC has been sentenced to jail for 10.5 years after pleading guilty on 1st June 2018 for cheating $5.2 million through non-existent investments over 12 years from 2003 to 2015.
” Former HSBC SVP Sentenced to 10.5 Years in Jail for $5.2 Million Investment Scam “
The former SVP of HSBC, 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.
Source: Straits Times