A stockbroker who embezzled $2.8 million from a wealthy client was yesterday jailed for two years.
Albert Lo Kam-wing, 42, was found guilty in the District Court of one count of theft, which he denied last week before Judge Richard Day.
The court heard Lo had come to know his client, Carlos Kwong, 62, in 1994. Mr Kwong, a property tycoon, started buying shares through Lo in August 1997. The shares were bought and sold between August 26 and September 19, 1997.
In that time, Mr Kwong gave Lo four cheques totalling $12.8 million. Lo stole one and kept $2.8 million, the court heard.
In March 1998, the price of shares plummeted and most of Mr Kwong's were sold by the accused at very low prices. Mr Kwong only discovered the value of his shares had fallen to $800,000 in March 2000.
Mr Kwong made a report to police in April 2000 after Lo told him he had sold some of the shares. The court heard Lo had used the stolen money to settle his own debts.