3 years' jail for laundering stolen HK$5.5m

A man who laundered part of HK$13 million stolen from a man's bank account was jailed for three years yesterday. Chiu Kam-san, 41, was convicted of four counts related to laundering HK$5.5 million in cheques drawn on Terry Tong Chi-tung's account in 2007. Chiu followed orders from fraudsters who posed as Tong to obtain a phone-banking PIN for his account, cashed in all his shares and withdrew the money by cheque. Wong Kwok-yee, 35, was acquitted of three counts of conspiracy to defraud in the case, for want of credible evidence.