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Fifteen persons aged between 25 and 53 were sentenced up to 32 months﷿ imprisonment at the District Court today (January 30) after being convicted of conspiracy to defraud in connection with a Loco-London Silver case involving $13.5 million.
The court heard that between August 1998 and February 2000, Police received reports that three companies in Wan Chai and Tsim Sha Tsui were suspected of deceiving its staff members by luring them to invest in fictitious Loco-London Silver trades.
The fraud syndicate advertised on newspapers to lure applicants for clerical positions in the three companies. Fifty-one jobseekers aged between 21 and 47 were being recruited and were later enticed into investing in Loco-London Silver trading. Their losses ranged from $70,000 to $1 million, resulting in a total loss of $13.5 million.
Following extensive investigations, officers of Commercial Crime Bureau mounted an operation in September 2005 and arrested 10 men and five women. Each of them was subsequently charged with one count of conspiracy to defraud.
They were earlier convicted at the District Court and sentences were handed down at the same court today. Eight defendants were sentenced to imprisonments ranging from 16 to 32 months. Six other were sentenced to eight months﷿ imprisonment suspended for two years while the remaining defendant was sentenced to 240 hours of Community Service Order.
Police remind job seekers to be cautious when they are encouraged by employers to invest with their own money for the purpose of securing job offers. Members of the public should also beware of jobs offered at unrealistically high remuneration and be wary of claims of quick profits.
Police Report No. 7
Ends/Tuesday, January 30, 2007
Issued at HKT 22:01
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