Ex-DBS Bank sales rep jailed for HK$1.5m loan fraudLocal | 17 May 2019 6:33 pm
A former direct sales representative of DBS Bank, was today sentenced to 14 months' imprisonment at the District Court today for defrauding the bank of loans totalling about HK$1.5 million for seven applicants, and commissions exceeding HK$56,000, the Independent Commission Against Corruption, said.
Yip Kin-ming, 41, former direct sales representative of DBS Bank (Hong Kong), earlier pleaded guilty to seven counts of fraud.
Judge Frankie Yiu Fun-che said the case was not a single incident but a premeditated fraud scam. The defendant coached the loan applicants to lie to the bank. His acts constituted a serious breach of trust and undermined the image of financial institutions and the financial market in Hong Kong.
The judge said the offences warranted an immediate custodial sentence. He reduced the starting point of two years in jail to 14 months after taking into account the defendant's guilty plea and his willingness to repay the commissions to the bank.