Updated: 03/10/2014 18:24 | By Channel NewsAsia
Man jailed 6 years for cheating Khoo Teck Puat’s daughter of S$2m
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SINGAPORE: A former private wealth relationship manager has been sentenced to six years in jail for cheating the daughter of late philanthropist and banker, Khoo Teck Puat.
During his employment with Deutsche Bank in 2010 and 2011, 39-year-old Bernard Lim Seng Soon cheated 79-year-old Madam Khoo Bee See of S$2 million.
As Ms Khoo's relationship manager, Lim was to tailor different investment plans for her.
In September 2010, Lim pitched to Madam Khoo a fictitious investment product.
There were insufficient funds in Madam Khoo's account so he asked her to take up a S$2-million short term loan with Deutsche Bank.
But the funds were transferred to Lim's wife Jaime Ho Ai Lin's account instead.
At that time, his wife was a staff of RBS Coutts & Co Limited, Singapore as a private banking officer.
She had a staff account with RBS Hong Kong, and cashier's orders or cheques to be deposited could be issued without indicating staff names.
Lim eventually used the funds he transferred for personal investment purposes to pay off his gambling debts and other loans.
He also transferred some monies to his own account.
In his submissions, prosecution urged the court to impose a jail term of seven to eight years.
It proceeded on six of the 18 charges; the remaining 12 were taken into consideration for sentencing purposes.
But the defence argued that Lim has made full restitution.
It added that Lim was addicted to gambling and thus resorted to this.
But the district judge noted Lim had planned to commit the offences.
The judge added that Lim had taken advantage of a loophole in RBS' procedures and abused the trust placed in him by his client. - CNA/gn
