Hong Kong Ex-Banker Sentenced to Four Years for $1.6B Letter-Forging Scheme

A former bank official in Hong Kong has been sentenced to four years in prison for falsely authenticating letters of credit worth over $1.6 billion and accepting cryptocurrency bribes.

Lam Chun-yin, a customer relationship manager at China Construction Bank (Asia), had previously pleaded guilty to the charges. He was also ordered to make restitution of more than $470,000 in cryptocurrency bribes.

The judge emphasized that deterrent sentences are necessary even for first-time offenders, given the severity of the crime and its impact on society.