E. Sun Bank handed record fine for financial advisor’s theft

Focus Taiwan
Date: 11/24/2020
By: Wu Chia-jung and Matthew Mazzetta

CNA file photo

Taipei, Nov. 24 (CNA) Taiwan's Financial Supervisory Commission (FSC) on Tuesday fined E. Sun Commercial Bank a record NT$20 million (US$701,386) after one of its financial advisors was found to have stolen some NT$140 million from clients' accounts.

The bank, which was fined NT$12 million in February for a similar incident, made news in July after revelations that it reported a former employee at one of its Kaohsiung branches for apparently embezzling large sums of money from his wealthy financial management clients.

At a press conference on Tuesday, FSC Chairman Huang Tian-mu (黃天牧) announced that after a four-month investigation, the commission found that the employee, whose name was not divulged, had stolen over NT$140 million from 41 wealth management accounts over a period of seven years.

In addition to imposing a fine of NT$20 million for lapses in the bank's internal control system, Huang said, the FSC suspended the bank's heads of wealth management and personal finance for a period of three months.    [FULL  STORY]

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