2005-04-26 21:33 A 33-year-old man was convicted and sentenced to five years' imprisonment at the District Court today (April 26) for running Loco-London Gold scam. The court heard that in July 2003, three women, aged 34 to 46, were employed as account clerks at a company situated in Mody Road, Tsim Sha Tsui. They were later induced by a number of culprits working in the company to open accounts for Loco-London Gold investment. The victims invested a total of $615,000 and were told that profits were made but were never able to realise them. On July 25, 2003, when they returned to work, they found the company closed and all the purported staff went missing. A report was then made to the Police. In May 2004, Police Commercial Crime Bureau received information that another company in Wan Chai was suspected to be engaging in Loco-London Gold scam. Immediate action was taken against the company, preventing a number of newly recruited job seekers from being victimised. A 33-year-old male manager was arrested there. Follow-up investigation confirmed that the man was one of the managers of the company in Tsim Sha Tsui. He was subsequently charged with conspiracy to defraud and was sentenced to five years' imprisonment at the District Court today. |