Former OCBC financial consultant admits to cheating clients of S$170,000 in fake time deposits

Former OCBC financial consultant admits to cheating clients of S$170,000 in fake time deposits

17/1/2022 11:50:00 AM

Former OCBC financial consultant admits to cheating clients of S$170,000 in fake time deposits

SINGAPORE: A former financial consultant with OCBC Singapore cheated five of his clients of S$170,000 in fake time deposits, picking existing clients whom he knew were not technologically savvy and who would trust his explanations. Hoi Wei Kit, 34, pleaded guilty on Monday (Jan 17) to seven charges of chea

The court heard that Hoi was a financial consultant at OCBC from October 2015 to April 2018. He sold insurance and investment products to clients and helped individuals open OCBC bank accounts.OCBC Singapore would occasionally introduce promotions for investment products that were typically available for a limited time, for financial consultants like Hoi to sell to clients.

He took into account several factors, such as the types of forms needed and which account to transfer the victims' funds to.One of the victims visited an OCBC branch on Apr 9, 2018, requesting to withdraw her fixed deposit of S$30,000 which she had placed with Hoi in January 2018.

Read more: CNA »

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Ex-OCBC financial consultant admits to cheating 5 people of $170,000In a move to obtain money to ease his gambling-related debts, a financial consultant with OCBC Bank hatched a plan to dupe five of its clients of $170,000 in total. Hoi Wei Kit selected victims who were not technologically savvy and relied on his explanations when they were... Ocbc....

Ex-OCBC financial consultant admits to cheating 5 people of $170,000In a move to obtain money to ease his gambling-related debts, a financial consultant with OCBC Bank hatched a plan to dupe five of its clients of $170,000 in total. Hoi Wei Kit selected victims who were not technologically savvy and relied on his explanations when they were... Ocbc....

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