According to a Police Media release, a 66-year-old man who is a former remisier(Stockbroker) of Lim & Tan Securities Pte Ltd (“Lim & Tan”), was charged in court on 23 October 2020, for six counts of criminal breach of trust as an agent.
His criminal activities were charged under Section 409 of the Penal Code (“PC”), and one count of criminal breach of trust under Section 406 of the PC.
On 54 occasions between 19 January 2010 and 26 November 2015, the 66-year-old make use of his position as a remisier in the company and took control of the funds belonging to an 86-year-old client. The accused is alleged to have misappropriated a total of S$127,303.02, the money was received through non-legit methods to the possession of the 66-year-old and he did not conduct any shares purchase for the client.
The accused continued to contact the client even after he no longer work for Lim & Tan in June 2016 and took a sum of S$1,002.80 from the client for shares purchase,
If convicted under Section 409 of the PC, the accused faces imprisonment for a term which may extend to 20 years, and shall also be liable to a fine. If convicted under Sec 406 of the PC, he faces imprisonment for a term which may extend to 7 years, or with fine, or with both.
Source: Singapore Police Force