A former Citibank senior executive was jailed for four years yesterday after cheating the bank out of more than $11 million by using fake letters of credit. Edward Koo Chung-tat, 32, a former assistant vice-president of the local emerging corporate section of Citibank, admitted seven counts of false accounting at Eastern Court on May 18. He was committed to the Court of First Instance for sentencing. Koo admitted he had issued seven bogus letters of credit in the name of the bank between December 4 and 11 last year in supposed dealings with three companies. The court had heard that Koo had bought On Harvest Trading Ltd last December and named his parents as directors, forging their signatures to set up a bank account. This company's name was used in the commission of the offences. Koo obtained $11,185,980, some of which he used to settle personal debts. At the end of the day, Citibank suffered a loss of more than $6.8 million, prosecutor Richard Turnbull said. Mr Justice Colin Jackson said Koo had abused his position in the bank to commit the offences. He accepted that Koo had suffered heavy losses on the stock market and felt deep regret and shame for what he had done. He jailed him for four years to reflect the gravity of his offences and the amount of money involved.