Hong Kong Banker Jailed for Authenticating Fake Documents with Tether Bribes
A former Hong Kong bank manager has been sentenced to four years in prison for accepting cryptocurrency bribes to authenticate fake financial documents worth over $1.6 billion.
Lam Chun-yin, a 32-year-old ex-customer relationship manager at China Construction Bank (Asia), pleaded guilty to conspiring to accept bribes in the form of Tether (USDT) between April and June 2022.
The scheme involved several fake standby letters of credit, including two forged collateral letters worth over $1.6 billion, which were linked to transactions involving Vesttoo Limited, a financial technology company.
Lam was not authorized to handle commercial credit facilities or issue letters of credit at the time and falsely authenticated the documents in exchange for cryptocurrency payments.