M
Mdm Tang
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A BANK executive pilfered $2 million worth of Takashimaya shopping vouchers, selling them online and gambling away his ill-gotten gains.
Yesterday Anthony Lim Boon Liak, 43, was sentenced to 81/2 years in jail after pleading guilty to eight charges of theft as a servant, criminal breach of trust as a servant and money laundering. None of the money was paid back to his employer HSBC, the court heard.
At the time of the offences, Lim was an assistant vice-president and programme manager of customer propositions, wealth management and personal financial services.
His duties included analysing the profiles of customers with assets or a net worth of more than $200,000, and taking charge of marketing programmes.
Deputy Public Prosecutor Kung Yong Jin said investigations showed that between February and September 2009, Lim took 4,516 Takashimaya vouchers worth $225,800, which were under lock and key at the HSBC office in Alexandra Terrace.
He was given access to them by his line managers after pretending he needed them to run marketing programmes.
Mr Kung said further investigation showed that between September 2009 and August last year, he changed his method of getting the vouchers, allowing him to acquire more over a short span of time.
Using HSBC's money, he ordered 38,200 vouchers valued at $1.9 million from Takashimaya, ostensibly for ongoing marketing campaigns for the bank. To avoid detection, he collected them from the shopping centre himself, taking them home to look for buyers on websites such as eBay.
Initially, he sold vouchers to a handful of small-time buyers, at 20 to 25 per cent of their true value. Later, he switched to selling them to a big-time buyer at 14.5 to 18 per cent mark-down prices.
He used his ill-gotten gains to buy 4-D lottery tickets and bet on football matches. He also gambled at casinos in Australia, the United States and Singapore, sustaining heavy losses. The bank lodged a police report on Sept 14 last year following his confessions.
Ms Goh Siok Leng said in mitigation that the father of two foolishly committed the offences in desperation to help his financial situation.
He thought he could win some money through gambling and use it to buy vouchers to replace the ones he had taken.
Ms Goh said Lim was remorseful and knew he had brought shame to his family. His years of hard work and promotion had fizzled out overnight due to his stupidity, she added.
District Judge John Ng backdated his sentence to March 20.
Lim could have been jailed for up to seven years for theft as a servant and for 15 years for criminal breach of trust. For money laundering, he could have been fined up to $500,000, jailed for up to seven years or both.
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Yesterday Anthony Lim Boon Liak, 43, was sentenced to 81/2 years in jail after pleading guilty to eight charges of theft as a servant, criminal breach of trust as a servant and money laundering. None of the money was paid back to his employer HSBC, the court heard.
At the time of the offences, Lim was an assistant vice-president and programme manager of customer propositions, wealth management and personal financial services.
His duties included analysing the profiles of customers with assets or a net worth of more than $200,000, and taking charge of marketing programmes.
Deputy Public Prosecutor Kung Yong Jin said investigations showed that between February and September 2009, Lim took 4,516 Takashimaya vouchers worth $225,800, which were under lock and key at the HSBC office in Alexandra Terrace.
He was given access to them by his line managers after pretending he needed them to run marketing programmes.
Mr Kung said further investigation showed that between September 2009 and August last year, he changed his method of getting the vouchers, allowing him to acquire more over a short span of time.
Using HSBC's money, he ordered 38,200 vouchers valued at $1.9 million from Takashimaya, ostensibly for ongoing marketing campaigns for the bank. To avoid detection, he collected them from the shopping centre himself, taking them home to look for buyers on websites such as eBay.
Initially, he sold vouchers to a handful of small-time buyers, at 20 to 25 per cent of their true value. Later, he switched to selling them to a big-time buyer at 14.5 to 18 per cent mark-down prices.
He used his ill-gotten gains to buy 4-D lottery tickets and bet on football matches. He also gambled at casinos in Australia, the United States and Singapore, sustaining heavy losses. The bank lodged a police report on Sept 14 last year following his confessions.
Ms Goh Siok Leng said in mitigation that the father of two foolishly committed the offences in desperation to help his financial situation.
He thought he could win some money through gambling and use it to buy vouchers to replace the ones he had taken.
Ms Goh said Lim was remorseful and knew he had brought shame to his family. His years of hard work and promotion had fizzled out overnight due to his stupidity, she added.
District Judge John Ng backdated his sentence to March 20.
Lim could have been jailed for up to seven years for theft as a servant and for 15 years for criminal breach of trust. For money laundering, he could have been fined up to $500,000, jailed for up to seven years or both.
[email protected]
