Former Royal Bank of Scotland Group trader Shirlina Tsang pleaded guilty in Hong Kong and was sentenced to 50 months in jail. The ex-trader was convicted of fraud for trying to hide GBP19.5 million worth of trading losses.
District Court Judge Gerry Tallentire said, "This is an extremely serious offense. Your acts led to enormous losses by RBS."
According to a Bloomberg report, 43 year old Tsang admitted to creating false records of her bond trading in mid-2010 until October 14, 2011. Tsang made it appear that she was generating profit at the Edinburgh based bank. The former RBS trader was sentenced in a court hearing held today in Hong Kong.
Meanwhile, former Barings Plc trader Nick Leeson was sentenced 6 1/2 years in Singapore prison in 1995. This was after Leeson tried hiding GBP800 million.
Shirlina Tsang's lawyer, Edwin Choy, had earlier argued a plea for leniency. Choy cited that she should have been subject to more supervisions and check given the examples of trading losses suffered by other banks.
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