Hong Kong Bank Manager Jailed Four Years for $470K USDT Bribery Scheme

A former China Construction Bank (Asia) relationship manager was sentenced to four years in prison for accepting more than US$470,000 in Tether (USDT) bribes to authenticate fraudulent bank documents, Hong Kong’s Independent Commission Against Corruption (ICAC) said in a September 18 press release.

The Bribery Scheme Lam Chun-yin, 32, a former relationship manager in the Consumer Banking Division at CCB (Asia)’s Causeway Bay retail branch, pleaded guilty to one count of conspiracy for an agent to accept advantages under section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance.

CCB (Asia) is the Hong Kong subsidiary of China Construction Bank Corporation. His duties involved retail banking services and never included processing applications for business credit facilities.

According to the ICAC, Lam conspired with an employee of a fintech company and other associates to receive Tether worth more than US$470,000, about HK$3.7 million, to illegally authenticate multiple false standby letters of credit.