Man jailed for uttering forged document

A 54-year-old man was sentenced to two years' imprisonment for uttering a forged document and making a fraudulent or reckless misrepresentation at the District Court today (January 5).

The court heard that in the early 1990's, the defendant purportedly represented himself to be the managing director of a securities company and induced two men aged 50 and 54 to open accounts with the company. The two men also authorised the defendant to trade securities on their behalf.

In mid 1996, they discovered that their shares had been misappropriated by the defendant who later admitted that he had sold their shares between 1994 and 1996 without their knowledge and consent. The total loss amounted to $52 million.

The victims made a report to the Police in December 2001 after the defendant failed to repay the securities as promised. The defendant was subsequently arrested in July 2005 and charged with two counts of uttering a forged document and two counts of making a fraudulent or reckless misrepresentation. He pleaded guilty to the charges and the sentence was meted in the District Court today.


Police Report No. 8
Issued by PPRB
End/Thursday, January 5, 2006