A former bank manager who became embroiled in a frightening circle of debt has been jailed for 10 years for stealing sums totalling HK$65 million from his clients accounts and forging documents to cover up the thefts. Sentencing Thomas Ming Chi-lau, 57, a High Court judge expressed puzzlement over how an initial HK$4 million debt could have led him to steal such an amount. Ming, a former manager with the Bank of East Asia, had earlier pleaded guilty to 11 counts of theft and eight counts of using a false instrument. Mr Justice Patrick Li Hon-leung said the offences, committed from 1997 to 2012, had greatly affected the goodwill of the Bank of East Asia and confidence of the public. But he noted that Ming had been remorseful and cooperative since his crimes were discovered. The court heard that Ming, who started his career at the bank as a clerk, had started stealing the money because of the collapse in the property market that had burdened him with substantial mortgage debt and credit card bills. In an attempt to recover the victims losses, Ming invested in the stock market, which caused further substantial losses, Li said. The court heard that the documents Ming forged to cover up his crimes included forms to withdraw money from the bank accounts, time deposit withdrawal instructions and confirmations of deposit. Despite his guilt, the judge said Ming had been cooperative with the police. The defendant was remorseful and cooperative with police. He surrendered to police once the bank discovered the offences, he said. In mitigation, the court heard Ming, who has a clear record, is divorced with no children. He committed the crimes because of a frightening circle of debt, his lawyer said.
Posted on: Fri, 17 Oct 2014 04:06:02 +0000
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