HONG KONG (Reuters) - A former Royal Bank of Scotland Group Plc trader was sentenced to 50 months in jail on Friday after pleading guilty to fraud in a case that dates back to 2010, according to a person at the bank with direct knowledge of the case.
Shirlina Tsang was an RBS bond trader who was caught falsifying records of her trades, said the person, who was not authorized to speak on the record about the case.
Edwin Choy, one of the lawyers representing Tsang, did not immediately return a call seeking comment.
“As a result of an internal review about two years ago, we discovered suspected fraudulent activities concerning a former member of staff in Hong Kong,” RBS said in an emailed statement sent to Reuters on Friday. “We took immediate action to notify the relevant authorities and the individual was dismissed.”
RBS said that the bank has cooperated with the authorities and is pleased that the case has been resolved.
Tsang, 43, pleaded guilty on August 30 for trying to hide losses of 19.5 million pounds ($30.8 million), according to the source.
Reporting by Michael Flaherty; Additional reporting by Rachel Armstrong in SINGAPORE; Editing by Michael Urquhart