SINGAPORE - A former remisier has been charged with criminal breach of trust for allegedly misappropriating nearly $130,000 belonging to a client.
On Friday (Oct 23), the police said the 66-year-old man, who formerly worked for Lim and Tan Securities, was charge with six counts of criminal breach of trust as an agent and one count of criminal breach of trust.
Tan Chee Lok was entrusted with monies an 86-year-old client gave him for share purchases.
This happened on 54 occasions between Jan 19, 2010, and Nov 26, 2015, with Tan allegedly misappropriating a total of $127,303.02.
He did not buy any shares.
Tan was charged with criminal breach of trust as an agent in relation to the 54 incidents.
He then continued to liaise with the client even after he ceased to be a remisier with Lim and Tan Securities in June 2016.
On Oct 31, 2016, Tan was entrusted with $1,002.80 from the same client for share purchase, which he again allegedly misappropriated.
This act formed the one charge of criminal breach of trust.
If convicted of criminal breach of trust as an agent, he can be jailed up to 20 years, and may be fined.
If convicted of criminal breach of trust, he faces jail of up to seven years, a fine, or both.
Bail was set at $15,000 for Tan, and he will next appear in court on Nov 20.