On 23 October 2020, a 66-year-old man who is a former remisier of Lim & Tan Securities Pte Ltd (“Lim & Tan”), was charged in court for six counts of criminal breach of trust as an agent under Section 409 of the Penal Code (“PC”), and one count of criminal breach of trust under Section 406 of the PC.
On 54 occasions between 19 January 2010 and 26 November 2015, whilst being a remisier with Lim & Tan, the accused was entrusted with monies from a 86-year-old client for the purpose of shares purchase. The accused is alleged to have misappropriated the monies of S$127,303.02 and did not conduct any shares purchase. These 54 occasions were amalgamated to form the six counts of Section 409 of the PC charges.
The accused continued to liaise with the client even after he ceased to be a remisier of Lim & Tan in June 2016. On 31 October 2016, the accused was entrusted with a sum of S$1,002.80 from the client for shares purchase, which he allegedly misappropriated. This forms one count of Section 406 of the PC charge.
If convicted under Section 409 of the PC, the accused faces imprisonment for a term which may extend to 20 years, and shall also be liable to a fine. If convicted under Sec 406 of the PC, he faces imprisonment for a term which may extend to 7 years, or with fine, or with both.
SINGAPORE POLICE FORCE
23 October 2020 @ 11:20 AM