
Fraudulent employee ordered to pay more than $2m
A high court ruling said the former EFG employee made 160 unauthorised trades in a client’s account.
A Bloomberg report quoted Judge Steven Chong as saying, “It is plainly unreasonable that a bank should be able to shift the risk of unauthorised transactions by a fraudulent employee to an innocent customer.”
The former bank employee was identified as Ng Ton Yee.
View the full report here.