Ex-relationship manager gets 11 months for cheating bank customers

[krafty]

SINGAPORE - A former bank officer was sentenced to 11 months in prison on Thursday for cheating three customers into investing a total of $1.17 million in unit trusts, claiming they were principal-guaranteed.

Too Jincai, 31, was a relationship manager with United Overseas Bank at the time.

The three had wanted to place their money in fixed deposits at the UOB branch at Ang Mo Kio Hub but Too convinced them to buy other financial products instead.

He admitted to cheating housewife Wong Mee Foong, 60, by convincing her to buy $20,000 worth of the United Emerging Markets Bond Fund on July 2012, and retiree Lye Choh Hwa, 67, into buying $1 million worth of the same fund in November that year.

- See more at: http://www.straitstimes.com/news/si...ating-bank-customers-201#sthash.KuwoSF8u.dpuf

 

[bloodycock]

Too Jincai was too chin chye with other peoples' money.

 

[AhMeng]

Asking them to buy UOB products also cheat ah?

 

[yourlaubu]

too jincai was too chin chye with other peoples' money.

whahahahahhaha thats funny

 

[bloodycock]

Asking them to buy UOB products also cheat ah?

The story not finished yet la. If you want to know more then subscribe or else let krafty play with you a while then he will tell you the whole story.

 

[AhMeng]

Bo eng to click link...

The story not finished yet la. If you want to know more then subscribe or else let krafty play with you a while then he will tell you the whole story.

 

[bloodycock]

Bo eng to click link...

Ok then go to room #2. Krafty is waiting there to fondle you and tell you the end of the story.

 

[krafty]

hee...hee...these days still got pple buy unit trust...

 

[bloodycock]

hee...hee...these days still got pple buy unit trust...

Ah Meng wants a unit thrust from you.

 

[potato29]

why only Too Jincai get charged? what he did is common in most banks. i used to get tellers telling me to buy products because interest for deposits is very low.

 

[yinyang]

Think he (and what a name) kena not for selling unit trusts per se. Rather for misrepresentation (aka con job) to 3 retirees, who only needed to park their money. Ala Lehman. 1.17mil... that's a plenty of dosh

 

[bloodycock]

1.17mil... that's a plenty of dosh

For sure. That kind of money can satisfy my nick for a lifetime.

 

[xpo2015]

Song Song!

After 11 months of free watery curries and accommodation, can enjoy that one million dollars!

 

[gingerlyn]

Too JinChai has no wrong.
Too JinChai only mistake is that he copies from CPF scheme.
In CPF scheme, we were promised to get our cpf fund by age 55. However, now all our cpf fund get stucked after government introducing minimum sum.

Too JinChai modus operandi is the same as CPF scheme.

If judge from TooJinChai wrong, Judge must has the courage to criticize CPF scheme

 

[laksaboy]

All relationship managers are fraudsters by default. If those investment plans were really that awesome, they wouldn't need to continue with their shitty jobs, much less tell you about the 'opportunity'.

They are all commission whores. All of them.

 

[congo9]

How did he got find out ? Someone must have ratted on him.

 

[congo9]

All relationship managers are fraudsters by default. If those investment plans were really that awesome, they wouldn't need to continue with their shitty jobs, much less tell you about the 'opportunity'.

They are all commission whores. All of them.

Yes , you are right.
One of my self made businessman kaki say that all these RM is like licensed fraudster. Now all youngster has no fighting spirit. Just want to live off their parents and education.

 

[Papsmearer]

Too Jinchai got toolan when he got caught or not?

 

[winnipegjets]

I don't know why this case is treated as cheating. It is a case of caveat emptor. Those investors didn't do their homework and just trust this individual.

Relationship managers, financial advisers make money by selling you products. They are not there to look after your interests.

Can we sue the PAP government for cheating us of our CPF returns?

 

[Scrooball (clone)]

Ah Meng wants a unit thrust from you.

I thought need to establish trust before u can thrust?