Singaporean jailed in Hong Kong over investment scam

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<cite class="auth">
Channel NewsAsia - 2 hours 16 minutes ago</cite>
HONG KONG : A Hong Kong court has jailed a Singaporean man for two years and eight months for helping fraudsters swindle more than four million US dollars from investors across the world, police said.

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</noscript>Christopher Yeo, aged 35, was jailed for helping a fraud syndicate set up bank accounts in Hong Kong to launder a total of 4.6 million dollars, the city’s commercial crime bureau said in a statement. The scam involved convincing more than 100 investors from 32 countries to transfer their cash to Yeo’s bank account. "It was revealed that the victims were lured by people claiming to be investment brokers into investing in some high yield securities," according to the statement, released late Wednesday.

"The victims were then persuaded to switch to invest in different securities after their initial investment had yielded some purported profits. "However, when the victims refused and tried to withdraw their investment and the purported profits, they were unable to do so." Police arrested Yeo last April following a tip—off from a duped investor in Croatia. Yeo admitted he was rewarded for opening the bank accounts on behalf of two expatriates, the statement said, and was charged with two counts of dealing with property known or believed to represent proceeds of an indictable offence. He was sentenced in Hong Kong’s district court on Wednesday.
— AFP