Hong Kong Bank Manager Jailed Four Years for Tether Bribery Scheme

A former relationship manager at China Construction Bank (Asia) has been sentenced to four years in prison for accepting over $470,000 worth of Tether ($USDT) bribes. Lam Chun-yin, 32, pleaded guilty to one count of conspiracy for an agent to accept advantages under the Prevention of Bribery Ordinance and Crimes Ordinance.

Lam conspired with an employee of a fintech company and other associates to receive $USDT worth over $470,000 to authenticate false standby letters of credit. Those instruments were then used as guarantees for insurance-related investment transactions without the bank's authorization.

CCB (Asia) is the Hong Kong subsidiary of China Construction Bank Corporation. Lam's duties involved retail banking services and never included processing applications for business credit facilities.