Hong Kong Jails Ex-Banker Over $1.6B Letter Credit Scam

A former customer relationship manager at China Construction Bank (Asia) has been sentenced to four years in prison for falsifying letters of credit worth more than $1.6 billion and accepting cryptocurrency bribes.

Lam Chun-yin, 32, had previously pleaded guilty in District Court. He was also ordered to make restitution of over $470,000 in cryptocurrency bribes he received.

Judge Ernest Lin Kam-hung emphasized the need for deterrent sentences even for first-time offenders due to the severity of the crime and its impact on society.