The ICAC today (September 14) charged three former insurance agents of an insurance company for allegedly conspiring with another then insurance agent to defraud the company of commissions and bonuses totalling about $1.2 million by making false representations on the handling insurance agent of four insurance policies, and conspiracy to launder over $2.7 million in crime proceeds.
The ICAC investigation arose from a corruption complaint. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charging the trio with five offences – four of conspiracy to defraud, contrary to Common Law, and one of conspiracy to dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A of the Crimes Ordinance.
