PRC Ex-bank executive jailed 10 months for fraud

[Ma Chao]

Jul 18, 2011

Ex-bank executive jailed 10 months for fraud

By Elena Chong

A FORMER bank executive who made unauthorised withdrawal of funds from customers' accounts was jailed a total of 10 months on Monday for forgery, cheating and money laundering.

Ma Shumei, 26, an ex-personal financial consultant with Standard Chartered Bank, admitted to eight of 23 charges. She was attached to the Scotts Mall branch when she committed the crimes between October 2009 and February last year.

Investigation showed that she forged bank documents in two victims' names to fraudulently siphon money from their bank accounts. She first transferred the criminal proceeds to two intermediary accounts belonging to her two friends.

After they had received the funds, her friends transferred the money to Ma's bank account via Internet or gave her in cash. She used the criminal proceeds to primarily repay her debts.

She was found out when the Indonesian customer notified the bank after finding unauthorised transactions of her account in March last year.

 

[General Kala]

Ex-StanChart consultant swindles more than S$105,000
By Shaffiq Alkhatib | Posted: 18 July 2011 1755 hrs
<table align="right" border="0" cellpadding="0" cellspacing="0" width="260"><tbody><tr><td align="right" width="20">
</td><td align="right" width="240">

</td></tr><tr><td height="60" valign="top">
</td><td class="update" height="80" valign="top"> <table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td bgcolor="f6f6f6" width="138">Photos </td><td bgcolor="f6f6f6" width="47">1 of 1</td><td bgcolor="f6f6f6" width="18"><input disabled="disabled" id="btnPrev" value="<< Previous" src="http://www.channelnewsasia.com/images/butt_previous.gif" height="15" type="image" width="18"></td><td bgcolor="f6f6f6" width="19"><input id="bntPlay" value="Play - Stop" src="http://www.channelnewsasia.com/images/butt_stop.gif" height="15" type="image" width="19"></td><td bgcolor="f6f6f6" width="18"><input disabled="disabled" id="btnNext" value=" Next >> " src="http://www.channelnewsasia.com/images/butt_next.gif" height="15" type="image" width="18"></td></tr></tbody></table>

Ma Shumei (Photo: Singapore Police Force) </td></tr><tr><td>
</td><td class="update">
</td></tr><tr><td>
</td><td>
</td></tr></tbody></table>
SINGAPORE: A former personal financial consultant with Standard Chartered Bank, who was tasked to advise customers on its wealth management products, abused her position and siphoned off monies from their bank accounts instead.

Ma Shumei, 26, transferred more than S$105,000 of customers' money without their authorisation into other accounts between October 2009 and February 2010.

On Monday, the court heard that she got hold of her customers' money by forging their signatures.

In most of the cases, Ma transferred the funds into her friends' bank accounts.

They would then transfer the money back to her via internet banking.

In the case involving the largest amount, Ma forged the signature of 61-year-old Brian Wayne McLachlan, one of the bank's customers, to open an e$aver Account under his name without his permission.

She did this as such accounts are paperless and no physical bank statements are mailed to account holders, therefore making it easier for her to cover her tracks.

By forging the Australian's signature again on bank documents, she managed to transfer more than S$34,000 from his bank account into the e$aver Account in December 2009.

The court heard that Ma managed to make off with S$20,000 of Mr McLachlan's money by 24 December, 2009.

In January 2010, she forged the signature of another customer, 52-year-old Suparmi Sakri, and illegally transferred S$20,000 from the Indonesian's account into an e$aver Account.

The court heard that she intended to use the money to pay back the amount she had taken from Mr McLachlan.

But Ms Sakri noticed the unauthorised transactions in March 2010 and notified the bank.

Ma made off with about S$51,000 from the monies she illegally transferred.

She has since made a full restitution.

For offences including cheating and forgery, Ma was sentenced to 10 months' jail after pleading guilty to eight of 23 charges.

-CNA/ck