ICAC Charges Former Dah Sing Bank Manager with Fraud

Source: Regulation Asia Editors, Regulation Asia 2020-08-13

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.

Hong Kong’s ICAC (Independent Commission Against Corruption) has charged a former financial planning manager of Dah Sing Bank with fraud for deceiving a client into taking out an insurance policy before opening a bank account, and for misleading his employer.

At the material time, Dah Sing Bank had entered into a partnership scheme with an insurance company to promote its insurance products. The bank employed a financial planning manager, Ng Chiu-man, under the scheme to promote those insurance products to the bank’s clients.

Ng is said to have falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account with Dah Sing Bank.

The ICAC says Ng induced the client to take out the insurance policy with intent to defraud, which resulted in benefit to him and prejudice to the client. Dah Sing had released commissions totalling about HKD 6,500 to the Ng for the insurance policy.

In addition, Ng falsely stated in the application form of the insurance policy that a relationship manager had referred the client to him, with the intent to mislead Dah Sing.

Ng faces a fraud charge, and a charge for using a document with intent to deceive his principal. He will appear in Magistrates’ Courts on Friday (14 August) for plea.

insurer

fraud

ICAC Charges Former Dah Sing Bank Manager with Fraud

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!