Remisier misappropriated S$128,000 from lawyer’s mother on pretext of buying shares for her, gets jail

Remisier misappropriated S$128,000 from lawyer's mother on pretext of buying shares for her, gets jail

SINGAPORE: A drawer who abused S $ 128,000 from an elderly client over six years was sentenced to approximately 16 months in prison on Tuesday, May 18, after the victim’s son, a lawyer, issued a police report had submitted.

Tan Chee Lok, 66, pleaded guilty to two crimes of breach of trust as an agent and one of criminals breach of trust. Another four charges were considered in the sentencing.

The court heard that Tan was a draw at Lim & Tan Securities at the time of the offenses between 2010 and 2016.

He was hired to service trading accounts held by clients and to help them execute their stock orders. He earned a commission on every transaction.

The victim, an 87-year-old housewife, had a trading account with Lim & Tan Securities.

Whenever she wanted to buy stocks, she called Tan to tell him.

Between January 2010 and November 2015, she gave Tan more than 50 pre-signed blank checks.

Tan told her that he would help the illiterate man fill in the required amount on the checks and use it to buy stocks.

However, he did not place their stock orders with the brokerage firm. Instead, he filled out the pre-signed checks and cashed them in his own bank accounts.

To avoid detection, Tan deposited money into her bank account whenever the victim said she wanted to sell some of the stocks she had “bought”.

He used the victim’s checks to withdraw money from their bank account 54 times while working for Lim & Tan Securities.

Tan resigned from his job in June 2016 after suffering losses in the market.

Even so, he continued to collect a pre-signed check from the victim, pretending to remain a draw. On October 31, 2016, he withdrew S $ 1,002.80 from the victim’s account.

In May 2019, the victim’s son, a lawyer and former district judge, made a police report.

He had exposed the crimes and helped his mother clear some questions of will. This came after he contacted the stockbroking firm and found that Tan no longer worked there.

Tan later returned and made a full refund to the victim for having returned her other sums of money at various intervals when she asked to sell her “shares”.

Tan could have been jailed for up to 20 years and fined for a criminal breach of trust as an agent.