atans1

Senior VP financial planning was a problem gambler

In Banks, Financial competency, Financial planning on 01/07/2018 at 5:57 am

WTF!

For 12 years, Emeline Tang Wei Leng carried out an elaborate ruse, deceiving five people – including her own family members – into investing their savings in non-existent fixed deposit plans with HSBC bank.

Given her former position as a senior vice-president at the bank, they trusted her with a total of S$5.2 million. But Tang, 39, used their savings to fund her gambling habit.

On Friday (June 29), the District Court sentenced Tang to 10 years and six months’ imprisonment for 34 charges including cheating and forgery. Another 223 charges were taken into consideration during sentencing.

Starting out as a relationship manager, Tang rose up the corporate ladder and was in the financial planning division when she left HSBC in 2012.

https://www.todayonline.com/singapore/former-hsbc-senior-vp-jailed-cheating-family-members-and-elderly-s52m

As an investor in HSBC, I’m left wondering about the HR practices of the bank.

But then all this modern day emphasis on employees’ dignity and privacy rights, and employers fear of getting into trouble on social media for intrusive survelliance of staff, means incidents like this is more likely than not to happen. Sad.

  1. Well, the fact that she could rise thru the ranks & make SVP by 33 yrs old means that she did many things right & probably brought plenty of profits to HSBC (the $5.2M was separate & not recorded in HSBC’s books). So in that regard the HR made the right decision to hire her.

    And very likely her leaving in 2012 may have some sort of connection with her gambling issue. Companies not that dumb.

    HSBC & other banks would love to hire more people like her, except not get caught (like NS).

    Indebting a staff used to be (still is??) the modus operandi of banks, property firms & insurance agencies to force & motivate the staff to work like a dog to bring in sales, revenue & profits.

    Of course this usually meant getting the staff to commit to condo, expensive car or some other high-cost lifestyle.

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