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Ex-UBS officer fined $10,000
Jul 27, 2010
Ex-UBS officer fined $10,000
<!-- by line --> <!-- end by line --> WHILE working as an IT specialist with the UBS bank here, Mark Andrew Robertson was sourcing funds from friends for a private investment scheme.
Things did not go according to plan and on Tuesday, the Briton and Singapore permanent resident was fined $8,000 for making a false document under the Computer Misuse Act. He was also slapped with a $2,000 fine for committing criminal breach of trust (CBT) of $2,980.
A district court heard that in 2008, Robertson, 41, was the associate director of IT infrastructure at UBS. Privately, he was raising investments for Perdomo Cigars Asia, which operates a gentlemen's club in Bangkok. The company promised a 15 per cent return on money loaned to it for a period of six months. Robertson pitched the investment scheme to two of his Indonesian wife's friends.
Ms Suganthy Kannairam put in $200,000 while Ms Ratna Gilliland came up with $80,000. He also told Ms Gilliland that the investment was backed by UBS and promised her a certificate of deposit. Sometime in July 2008, Robertson copied the bank's letterhead and prepared a forged certificate, which he handed to her. It had been Robertson's plan to pay the investors a 12 per cent return while collecting 15 per cent from Perdomo.
As he had not disclosed this to the two women, it was misappropriation in the eyes of the law. Robertson admitted to skimming $2,980 from the returns to be paid to Ms Kannairam. Two other charges of misappropriating a total of $3,500 was taken into consideration by District Judge Sarjit Singh for the purposes of sentencing.
[email protected]
Jul 27, 2010
Ex-UBS officer fined $10,000
<!-- by line --> <!-- end by line --> WHILE working as an IT specialist with the UBS bank here, Mark Andrew Robertson was sourcing funds from friends for a private investment scheme.
Things did not go according to plan and on Tuesday, the Briton and Singapore permanent resident was fined $8,000 for making a false document under the Computer Misuse Act. He was also slapped with a $2,000 fine for committing criminal breach of trust (CBT) of $2,980.
A district court heard that in 2008, Robertson, 41, was the associate director of IT infrastructure at UBS. Privately, he was raising investments for Perdomo Cigars Asia, which operates a gentlemen's club in Bangkok. The company promised a 15 per cent return on money loaned to it for a period of six months. Robertson pitched the investment scheme to two of his Indonesian wife's friends.
Ms Suganthy Kannairam put in $200,000 while Ms Ratna Gilliland came up with $80,000. He also told Ms Gilliland that the investment was backed by UBS and promised her a certificate of deposit. Sometime in July 2008, Robertson copied the bank's letterhead and prepared a forged certificate, which he handed to her. It had been Robertson's plan to pay the investors a 12 per cent return while collecting 15 per cent from Perdomo.
As he had not disclosed this to the two women, it was misappropriation in the eyes of the law. Robertson admitted to skimming $2,980 from the returns to be paid to Ms Kannairam. Two other charges of misappropriating a total of $3,500 was taken into consideration by District Judge Sarjit Singh for the purposes of sentencing.
[email protected]