SINGAPORE – A former remisier, who committed offences including criminal breach of trust and caused over $11.5 million in losses to 15 victims, was sentenced to 13 years and six months’ jail on April 7.
Sumiko-Jill Teo Hui-Ni, 39, had pleaded guilty in February to 20 charges, including multiple counts of criminal breach of trust. Thirty-six other charges were considered during her sentencing.
In earlier proceedings, the prosecution said that the Singaporean worked as a remisier with Maybank Kim Eng Securities (MBKE) – now known as Maybank Securities – from April 2013 to November 2021.
Her duties included bringing in clients and handling trading matters relating to their trading accounts.
Deputy Public Prosecutor Theong Li Han told the court in February that as a remisier, Teo was an independent agent, not an employee of MBKE.
The DPP added that clients could trade via an MBKE app, where they could create portfolios.
One of the victims, identified in court documents as V1, had been one of MBKE’s clients since 2011, and he maintained three trading accounts serviced by Teo.
On Jan 31, 2020, Teo told him that her contact in Hong Kong had “a few million shares” linked to Tencent Holdings for “placement” and asked if he was interested in taking up the placement.
