Hong Kong · China · Cointelegraph
Hong Kong jails former banker over $1.6 billion false credit, cryptocurrency bribes: Report
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Former banking official gets four years in prison over false letters of credit and accepting $470,000 in cryptocurrency bribes.
Key facts
- A former bank official in Hong Kong who falsely authenticated letters of credit for more than $1.6 billion was sentenced to four years in prison and ordered to make restitution of more than $470,000
- Lam Chun-yin, 32, who was a customer relationship manager at China Construction Bank (Asia), had previously pleaded guilty in District Court, The Standard reported on Saturday
- Former banking official gets four years in prison over false letters of credit and accepting $470,000 in cryptocurrency bribes
- Hong Kong’s anti-graft agency, the ICAC, has obtained warrants for the arrest of others involved in the case, the report said
Summary
A former bank official in Hong Kong who falsely authenticated letters of credit for more than $1.6 billion was sentenced to four years in prison and ordered to make restitution of more than $470,000 he received in cryptocurrency bribes. Lam Chun-yin, 32, who was a customer relationship manager at China Construction Bank (Asia), had previously pleaded guilty in District Court, The Standard reported on Saturday. Judge Ernest Lin Kam-hung said deterrent sentences are necessary even for first-time offenders, especially in light of the grave nature of the crime and its impact on society. Hong Kong’s anti-graft agency, the ICAC, has obtained warrants for the arrest of others involved in the case, the report said.