RBS bank executive jailed for HK$28m fraud
More than HK$28m was moved from clients' accounts to cover investment losses of others
A former bank executive has been jailed for four years for transferring almost HK$28.9 million from the Royal Bank of Scotland accounts of four clients in 2009 to compensate 10 others who suffered investment losses.
Helen Chow Hoi-ching, 39, daughter of Yau Tsim Mong district councillor Chow Chun-fai, earlier pleaded guilty to one count of fraud.
It is a very serious fraud case involving HK$28 million, breach of trust, and no prospect of any compensation
Defence lawyers said at the time that she was so sorry for causing some of her clients to lose money during the 2008 financial crisis that she first used her own money to cover up the shortfall before moving funds from the other accounts - without pocketing a single dollar in the process.
"It is a very serious fraud case involving HK$28 million, breach of trust, and no prospect of any compensation," Judge Garry Tallentire told the District Court yesterday.
Although the defendant claimed she did not reap any financial gains, the judge noted: "You made the decision as to who should lose money and who should not."
RBS had compensated the four clients in full, the court heard earlier.