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A former OCBC Bank treasury adviser was sentenced to eight years and four months’ jail yesterday for unauthorised foreign exchange trades that caused the bank losses of almost $3.1 million.
Lu Chor Sheng, 41, had pleaded guilty to 40 charges involving trades in the bank’s system using client accounts, leading to profits of around $1.2 million to sole proprietorships set up by his friend, but whose bank accounts Lu controlled.
His acts went undetected for two years, and the prosecution said he had “grossly abused his position of trust” to benefit himself.
Lu’s other offences involved two counts of cheating by personation, in which he instigated a friend of 25 years, Mr Tan Tiong Lin, to pretend to be someone else.
He also faced five charges related to acquiring, possessing, using, concealing or transferring the benefits of criminal conduct.
According to court documents, Lu had in 2012 a debt of about $200,000 to $300,000 from football betting and stock investment losses, and decided to place unauthorised trades in his customers’ accounts to earn profits.
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