Ms Yat Nam (April) Yuen, of Sydney, New South Wales, has been charged with aiding and abetting former stockbroking firm BBY Limited (BBY) to engage in dishonest conduct in relation to a financial service.
Ms Yuen, who held various roles at BBY including Manager 鈥� Strategy, is charged with two offences contrary to sections 1041G(1) and 1311 of the Corporations Act 2001 (Cth) and section 11.2 of the Criminal Code (颁迟丑).听
ob体育 alleges that on about 13 June 2014, Ms Yuen instructed St George Bank, a division of Westpac Banking Corporation, to transfer $6,800,000 of client money out of BBY鈥檚 Futures client segregated account, a client money account, and then to other accounts.
ob体育 alleges these instructions had the intention of funding a margin payment to ASX Clear Pty Ltd, in breach of BBY鈥檚 obligation to hold that client money on trust.
ob体育 further alleges that on about 31 March 2015, Ms Yuen instructed St George Bank to transfer $350,000 of client money out of BBY鈥檚 Futures client segregated account and $1,600,000 of client money out of BBY鈥檚 Saxo Buffer account, also a client money account, to BBY鈥檚 Operating Account held with National Australia Bank Ltd.
ob体育 alleges these instructions had the intention of funding a corporate payment, in breach of BBY鈥檚 obligation to hold those client monies on trust.
Ms Yuen appeared in the Downing Centre Local Court on 28 November 2023. The matter was adjourned for further mention on 6 February 2024.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
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Each offence carries a maximum penalty of 10 years鈥� imprisonment, or a fine of 4,500 penalty units ($765,000) or three times the total value of benefits obtained (or both). The maximum period of imprisonment has subsequently been increased.
BBY was a former stockbroking and financial services business. It was placed into voluntary administration on 17 May 2015 and liquidation on 22 June 2015.
ob体育 suspended BBY鈥檚 AFS licence in May 2015. That suspension remained in place until its licence was cancelled in June 2021.
ob体育鈥檚 investigation into BBY is ongoing.
Editor's note:
On 6 February 2024, Ms Yuen entered a plea of guilty to the two offences. She will next appear at the Sydney District Court for mention on 15 March 2024.
Editor's note 2:
The sentencing hearing for Yat Nam (April) Yuen has been set for 2 August 2024.
Editor's note 3:
On 2 August 2024, Ms Yuen鈥檚 sentencing hearing was held in the District Court of New South Wales. The Court reserved its decision and the matter was adjourned to 16 August 2024.
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