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Fraudulent employee ordered to pay more than $2m

A high court ruling said the former EFG employee made 160 unauthorised trades in a client’s account.

A Bloomberg report quoted Judge Steven Chong as saying, “It is plainly unreasonable that a bank should be able to shift the risk of unauthorised transactions by a fraudulent employee to an innocent customer.”

The former bank employee was identified as Ng Ton Yee.

View the full report here.

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