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SINGAPORE – A former remisier, who committed offences including criminal breach of trustand caused over $11.5 million in losses to 15 victims, was sentenced to 13 years and six months’ jail on April 7.
Sumiko-Jill Teo Hui-Ni, 39, had pleaded guilty in February to 20 charges, including multiple counts of criminal breach of trust. Thirty-six other charges were considered during her sentencing.
In earlier proceedings, the prosecution said that the Singaporean worked as a remisier with Maybank Kim Eng Securities (MBKE) – now known as Maybank Securities – from April 2013 to November 2021.
Her duties included bringing in clients and handling trading matters relating to their trading accounts.
Deputy Public Prosecutor Theong Li Han told the court in February that as a remisier, Teo was an independent agent, not an employee of MBKE.
The DPP added that clients could trade via an MBKE app, where they could create portfolios.
One of the victims, identified in court documents as V1, had been one of MBKE’s clients since 2011, and he maintained three trading accounts serviced by Teo.
On Jan 31, 2020, Teo told him that her contact in Hong Kong had “a few million shares” linked to Tencent Holdings for “placement” and asked if he was interested in taking up the placement.
V1 then transferred US$200,000 (S$257,000) to Teo’s personal bank account for the purchase of the shares.
On Feb 5 that year, she lied to him, claiming that the money had been sent to Hong Kong.
Thirteen days later, she told him that a batch of Tencent placement shares was due for payment, and he transferred another US$200,000 to her personal bank account soon after.
As Teo had V1’s login credentials for his MBKE app account, she created a manual entry to make it appear as though 5,000 Tencent shares were bought earlier.
However, she did not use the funds entrusted to her by V1 to buy Tencent placement shares.
Instead, she misappropriated the money between February and March 2020.
Teo went on to misappropriate more money from V1 and the other victims.
Among other things, she used some of her ill-gotten gains to pay her personal bills.
On Jan 26, 2022, V1 visited MBKE’s office, and was told that the purported placement share transactions had not taken place at all.
He then sent Teo a message via WhatsApp, threatening to alert the authorities.
He filed a police report on Jan 27, 2022, and Teo left Singapore that same morning on a one-way ticket to the United Kingdom.
After that, the police received multiple reports and complaints from her clients and friends who had purportedly invested millions through her between 2020 and 2021.
Teo later had an Interpol red notice issued against her.
Police in other countries can be on the lookout for an offender once such a notice is issued.
The red notice can then be used to support extradition proceedings after the offender’s arrest.
Teo was arrested in Madrid, Spain, on Aug 22, 2022, and was sent back to Singapore on July 27, 2023.
over-13-years-jail-for-ex-remisier-who-caused-more-than-11-5m-in-losses-to-victims
Sumiko-Jill Teo Hui-Ni, 39, had pleaded guilty in February to 20 charges, including multiple counts of criminal breach of trust. Thirty-six other charges were considered during her sentencing.
In earlier proceedings, the prosecution said that the Singaporean worked as a remisier with Maybank Kim Eng Securities (MBKE) – now known as Maybank Securities – from April 2013 to November 2021.
Her duties included bringing in clients and handling trading matters relating to their trading accounts.
Deputy Public Prosecutor Theong Li Han told the court in February that as a remisier, Teo was an independent agent, not an employee of MBKE.
The DPP added that clients could trade via an MBKE app, where they could create portfolios.
One of the victims, identified in court documents as V1, had been one of MBKE’s clients since 2011, and he maintained three trading accounts serviced by Teo.
On Jan 31, 2020, Teo told him that her contact in Hong Kong had “a few million shares” linked to Tencent Holdings for “placement” and asked if he was interested in taking up the placement.
V1 then transferred US$200,000 (S$257,000) to Teo’s personal bank account for the purchase of the shares.
On Feb 5 that year, she lied to him, claiming that the money had been sent to Hong Kong.
Thirteen days later, she told him that a batch of Tencent placement shares was due for payment, and he transferred another US$200,000 to her personal bank account soon after.
As Teo had V1’s login credentials for his MBKE app account, she created a manual entry to make it appear as though 5,000 Tencent shares were bought earlier.
However, she did not use the funds entrusted to her by V1 to buy Tencent placement shares.
Instead, she misappropriated the money between February and March 2020.
Teo went on to misappropriate more money from V1 and the other victims.
Among other things, she used some of her ill-gotten gains to pay her personal bills.
On Jan 26, 2022, V1 visited MBKE’s office, and was told that the purported placement share transactions had not taken place at all.
He then sent Teo a message via WhatsApp, threatening to alert the authorities.
He filed a police report on Jan 27, 2022, and Teo left Singapore that same morning on a one-way ticket to the United Kingdom.
After that, the police received multiple reports and complaints from her clients and friends who had purportedly invested millions through her between 2020 and 2021.
Teo later had an Interpol red notice issued against her.
Police in other countries can be on the lookout for an offender once such a notice is issued.
The red notice can then be used to support extradition proceedings after the offender’s arrest.
Teo was arrested in Madrid, Spain, on Aug 22, 2022, and was sent back to Singapore on July 27, 2023.
over-13-years-jail-for-ex-remisier-who-caused-more-than-11-5m-in-losses-to-victims
