Hong Kong banker jailed for 10 years for helping vice ringleader launder HK$134 million
- Former UBS director had taken earnings from prostitution, laundered it through luxury cars and properties while maintaining lavish lifestyle
A former UBS associate director in Hong Kong has been jailed for 10 years for laundering more than HK$134 million (US$17 million) for a prostitution ringleader in mainland China, through the purchase of luxury cars and dozens of properties outside the city.
Suen Kin-wing, 36, pleaded guilty earlier this year to two counts of money laundering for handling the ill-gotten gains with his two local bank accounts between 2016 and 2018.
Prosecutors agreed not to pursue other additional charges of fraud and theft provided that he admitted handling the illegal proceeds.
Chan found the ex-banker had clear knowledge the HK$134 million must have been the proceeds of an illegal business.
He rejected Suen’s claim he thought the mainlander had sought his help in order to hide his vast assets from his wife.
“It is clear that the defendant benefited financially from [his dealings],” the judge said in sentencing.
“He maintained a lavish lifestyle incommensurate with [his already] major income from his employment with UBS, as evidenced by the number of expensive cars registered under his name, the two companies controlled by him, and the overseas and mainland properties he purchased.”
Suen appeared shocked by the ruling, telling his lawyers the sentence was too harsh and that he wanted to lodge an appeal.
The defendant had served as the client advisor of Yu and his wife Lou Xiaojie after the pair moved to Hong Kong in 2013.
Yu, who ran a food and beverage business in his native Nanjing province, transferred more than 132 million yuan to Suen’s mainland bank accounts through 37 transactions. Suen subsequently converted the majority of the sums into Hong Kong dollars and transferred them into his local accounts.
After moving the funds, Suen conned Yu into believing genuine transfers had been made to a UBS account held jointly by the couple with the use of fabricated bank statements.
When Yu discovered a shortfall soon after Suen left the Swiss financial corporation in June 2018, the businessman made a police report.
A subsequent investigation revealed Suen owned five properties in Britain and mainland China worth a total HK$29 million, and had also bought a 27-unit apartment building in London.
The defendant also owned six luxury cars, including major brands such Ferrari, Lamborghini, Porsche and Audi.
The total value of Suen’s properties far exceeded the HK$4.07 million in salary he received from UBS between 2014 and 2018, the court heard.
The judge on Friday jailed Suen for 4½ and 7½ years for the two counts of money laundering. Suen would have to serve 10 years as they were ruled as partially consecutive sentences.
Money laundering is punishable by up to 14 years imprisonment and a HK$5 million fine in Hong Kong.
