In a significant legal development, thirteen former insurance agents, including Lo Yin-wa, the ex-branch manager of FWD Life Insurance, have pleaded guilty to defrauding two insurance companies of HK$52 million (approximately US$6.68 million) through fraudulent policy applications. The agents were involved in submitting a total of 478 false applicationsā272 to FWD and 206 to Sun Life Hong Kong. This scheme resulted in over HK$22 million in commissions being funneled to Lo's team and more than HK$29 million to another team led by Kwok Yun-fong from Sun Life [6c1a4917].
Lo Yin-wa faces multiple charges, including 18 counts of conspiracy to launder criminal proceeds and two counts of conspiracy to defraud. The investigation was conducted by the Independent Commission Against Corruption (ICAC) after a complaint was lodged, revealing that Lo had instructed her agents to surrender the majority of their commissions to her. The trial is set to resume on December 21, 2024, as the court continues to examine the extent of the fraudulent activities [6c1a4917].
This case underscores the ongoing issues of fraud and corruption within the insurance industry in Hong Kong, prompting calls for stricter regulatory measures to prevent such incidents in the future. The ICAC's involvement highlights the seriousness of the allegations and the commitment to tackling corruption in the financial sector [6c1a4917].