A broker of Chubb Life Insurance claimed to the company that he handled an insurance policy and received a commission and bonus of 270,000 yuan. However, after investigation by the ICAC, it was found that the broker was not the person who handled the policy. Solicited by a person who is equivalent to a broker, he can report to the company and receive the payment in his name, and he can receive 7,500 yuan a month for nothing.
After receiving 270,000 yuan, the broker transferred 240,000 yuan to others.
The broker pleaded guilty to conspiracy to commit money laundering in the Eastern District Court today (7th), and the magistrate Yan Shunyi adjourned the case until April 11 next year.
The defendant was granted further bail.
Defendant Cheng Tsz-sing, 28, former insurance agent of Chubb Life Insurance Company Limited (chubb), pleaded guilty to one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence, contrary to the Organized and Serious Crimes Ordinance Section 25(1) and Section 159A of the Crimes Ordinance.
Received 270,000 but only kept 27,000
The case revealed that the defendant joined Chubb as an insurance agent at the end of June 2019. From August of the same year to May 2020, he was listed as an agent handling an insurance policy, and received commissions and bonuses of more than 270,000 yuan from Chubb.
But he only kept about 27,000 yuan and transferred about 240,000 yuan to four other people.
Solicited by insurance agents such as cousins to participate in activities
The ICAC received a corruption complaint earlier and found that the defendant was not the handling agent of the insurance policy. The defendant's cousin and two other ACE insurance agents were involved in soliciting him to participate in the activity. He was informed that someone would sell the policy for him , he can earn 7,500 yuan a month for nothing.
After seeking legal advice, the ICAC charged the defendant with one count of conspiracy to deal with property known or believed to represent proceeds from an indictable offence.
Corruption investigations are still ongoing, and the ICAC does not rule out further law enforcement actions.
Case number: ESCC 1200/2022
ICAC prosecuted 17 former insurance brokers from FWD and Sun Life for 43 million puppet policies, a total of 17 crimes for handling 1.2 million commissions as puppet insurance agents. ICAC sued ACE Life Insurance 2 former agents for money laundering. Sentenced to 10 months in prison [Frozen Spark] Company directors charged hundreds of thousands to buy insurance annuities, arrested and four released on bail
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