Hong Kong:An expatriate stockbroker was Thursday beginning a three-year jail term in Hong Kong after being convicted of laundering almost 90 million US dollars from a global fraud.
Jerome Herzberg, 38, was arrested in June last year as he tried to process money received from so-called “boiler-room” frauds through four different Hong Kong accounts.
Hertzberg, a British national, was convicted of laundering 87 million US dollars generated from the fraud which claimed around 30,000 victims worldwide.
Investors were conned into giving money to buy shares in US registered companies through high-pressure selling techniques, only to find their money had vanished when they tried to cash shares.
At a hearing in Hong Kong’s District Court Wednesday, Hertzberg was jailed for three years and four months after pleading guilty to five charges of handling illegal proceeds.
The court heard that Hertzberg’s victims were aged 52 to 83 and that all the money in his case had disappeared and had not been recovered, according to the South China Morning Post. (dpa)
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