A former senior executive of a Hong Kong fintech company has been jailed for 6½ years for stealing HK$19.2 million (US$2.45 million) from his employer and laundering part of the money to support his gambling addiction and lavish lifestyle.
The High Court on Wednesday handed down the sentence to Shum Lok-man after the 38-year-old divorcee pleaded guilty to three counts of theft and two of money laundering, admitting he gambled away 99 per cent of the proceeds.
The court heard Shum had substantial control over the finances of Eddid Securities and Futures as assistant vice-president, overseeing the firm’s chequebook and e-banking accounts, while earning HK$45,000 a month.
Between April 2021 and June 2023, he stole a total of HK$19,225,330.05 from the company either by diverting client withdrawal funds or cashing in blank cheques that had been signed by its directors during the Covid-19 pandemic.
He then channelled the stolen funds to multiple bank accounts, with HK$3.91 million transferred to two companies controlled by an auditor who he said took a commission of up to 15 per cent to facilitate his scheme.
Following his arrest in August 2023, Shum told police he had used the winnings made from betting with the stolen cash to purchase four luxury watches and a Mercedes-Benz EQA 250 electric car.
