[h=1]UOB BANK OFFICER JAILED 11 MONTHS FOR CHEATING CUSTOMERS[/h]
Post date:
5 Feb 2015 - 4:29pm
Too Jincai, 31, was sentenced to 11 months in jail on Thursday for cheating bank customers of over $1.17 million in unit trusts.
Too, who was working as a relationship manager at United Overseas Bank told three customers that the trusts were principal guaranteed. They had been wanting to put their money into fixed deposits but he convinced them to buy other financial products instead.
He had lied to the customers to convince them to take out higher risk investments so that he could earn the commission on them.
To convince them, he told them that they would definitely get their entire sum back even though he know this was not true and there was a risk involved. He even produced a letter on UOB letterhead stating that the products were principal guaranteed when they were not.
He had managed to convince housewife Wong Mee Foong, 60 to put in $20,000 into United Emerging Markets Bond Fund in July 2012, Retiree Lye Choh Hwa, 67, to put in $1 million into the same fund in November 2012 and also Retiree Tan Bee Eng, 60, to put $150,000 into Allianz US High Yield AMH2-SGD in September 2013.
Too admitted to these offences explaining that he needed the commission to pay of credit card debts which he had incurred from travel, holidays and branded goods for his girlfriend.
Because of the deceptions, UOB suffered a loss of $102,260.
Too has also since declared bankruptcy and is still undischarged.
Too could have been jailed 10 years and fined for each charge of cheating.
Post date:
5 Feb 2015 - 4:29pm
Too Jincai, 31, was sentenced to 11 months in jail on Thursday for cheating bank customers of over $1.17 million in unit trusts.
Too, who was working as a relationship manager at United Overseas Bank told three customers that the trusts were principal guaranteed. They had been wanting to put their money into fixed deposits but he convinced them to buy other financial products instead.
He had lied to the customers to convince them to take out higher risk investments so that he could earn the commission on them.
To convince them, he told them that they would definitely get their entire sum back even though he know this was not true and there was a risk involved. He even produced a letter on UOB letterhead stating that the products were principal guaranteed when they were not.
He had managed to convince housewife Wong Mee Foong, 60 to put in $20,000 into United Emerging Markets Bond Fund in July 2012, Retiree Lye Choh Hwa, 67, to put in $1 million into the same fund in November 2012 and also Retiree Tan Bee Eng, 60, to put $150,000 into Allianz US High Yield AMH2-SGD in September 2013.
Too admitted to these offences explaining that he needed the commission to pay of credit card debts which he had incurred from travel, holidays and branded goods for his girlfriend.
Because of the deceptions, UOB suffered a loss of $102,260.
Too has also since declared bankruptcy and is still undischarged.
Too could have been jailed 10 years and fined for each charge of cheating.
