Gambling blamed for banker's thefts

Yong Joon Shioong

A former Bank of New Zealand manager with a $2.5 million gambling habit stole more than $1.5 million from his wealthy Asian clients to save face with his family.

Yong Joon Shioong, also known as Rick Yong, 35, was sentenced to three years in prison when he appeared in the Auckland District Court yesterday.

Between June 2002 and March this year, working in a team of private bankers managing wealthy Asian clients' financial deals and investments, he skimmed $1.56 million from their accounts.

The court heard Yong and his family had returned to live in New Zealand about 1998 and bought a house.

With his father in ill health after bypass surgery, his parents moved into the family home, then his sister joined them as well.

Yong's lawyer, Grant Illingworth, said Yong dealt with the situation by moving out and renting his own house.

The financial stress of the situation took hold, Mr Illingworth said, and his gambling addiction started.

Between April 2002 and April this year he gambled $2.54 million through the TAB, managing to win $2.31 million, a net loss of $230,000.

While he gambled at the TAB, he took funds from five of his clients and purchased property or put the money into his and his family's bank accounts. Yong would negotiate the sale and purchase of securities between clients, taking a cut for himself.

He also forged a securities certificate and faxed it to a client convincing him the purchase of securities had been completed.

Yong pocketed the $185,000 the client had spent.

Yong's offending was found when he was dismissed from the bank in March for serious misconduct in relation to opening new accounts. After the bank reviewed his work the police and Serious Fraud Office were called in.

SFO lawyer Dawn Roscoe said Yong had managed to pay back most of the money but was in a dispute with the BNZ over between $200,000 and $400,000 in relation to the profits on the sale of a property he bought with stolen money.

She said Yong's gambling losses did not amount to $1.5 million.

"Clearly the money was being taken for other reasons as well."

Mr Illingworth said the situation was an absolute tragedy.

He said Yong had exhausted all his assets paying back what he stole and was facing bankruptcy.

"He has completely blown it in terms of himself and his family," Mr Illingworth said.

Judge Phil Gittos said psychologist reports confirmed Yong had a gambling addiction, which provided a explanation for his offending but not an excuse.

He said Yong's offending was a multi-faceted breach of trust, not only in relation to his clients, but also the team he worked in and those employed under him who had no idea of his offending.

Judge Gittos accepted Yong had co-operated with police and the SFO and had put all his assets into paying back the money he stole.