Jailed: Accountant who embezzled over $2 million, bought two homes
A former accountant who siphoned more than $2 million from two employers over six years was sentenced to 47 months’ jail on Wednesday (13 February).
Yeo Yong Heng, 53, had amassed a total of 866 charges, including cheating, falsification of accounts, and using the benefits of criminal conduct.
He pleaded guilty to 250 of the charges, with the remaining being taken into consideration for sentencing by District Judge Shaiffudin Saruwan.
Worked for three companies
The Singaporean was employed as an accountant for Steel Industries between 1996 and 2013. He also held the same position between 2011 and 2013 at a separate Malaysian company, S.I. Stainless.
Both companies were run by Ong Soon Liong, who was the director and shareholder.
Steel Industries had a related company based in Sri Lanka known as Steel Industries South Asia, which Yeo also ran the accounts for. This company was managed by an employee known as Chia Teck Fatt.
Between 29 December 2006 and 22 June 2013, Yeo duped Ong into issuing cheques from Steel Industries for alleged company-related expense. He supported the claims with falsified payment vouchers, which he generated using the company’s accounting system.
Yeo would deceive Ong into authorising payments and delivering signed cheques to Yeo.
From 20 April 2011 to 22 April 2013, Yeo similarly cheated Ong into issuing cheques from S.I. Stainless for bogus payments, supported by false payment vouchers.
Between 2011 and 2012, Yeo also pocketed repayments of loans meant for Steel Industries. These repayments were handed to Yeo in cash by Chia, who had received the loans on behalf of Steel Industries South Asia.
The police’s Commercial Affairs Department (CAD) received a suspicious transaction report on 21 May 2013, stating that at least 26 cheques totalling $322,544.40 issued by Steel Industries and payable to DBS Bank had been deposited into Yeo’s credit card accounts between October 2012 and March 2013.
Yeo’s crimes came to light following investigations by the CAD.
Bought two homes
Yeo gained an estimated total of $2,213,434.15 between December 2006 and June 2013 from his deception of Steel Industries and S.I. Stainless.
With the funds, he bought a 10th floor unit at Amber Residences in Marine Parade for $1.5 million in November 2007.
He also used $868,800 of the funds to buy a 23rd floor unit at One Dusun Residences in Balestier in August 2012. He also bought a Toyota Wish Car, shares and spent the fraudulently earned money on other personal expenses.
After Yeo’s bank accounts were seized, he agreed to surrender the $523,071.54 in his banks as restitution in 2014.
He made full restitution of the sum he misappropriated by May 2016 after selling the two properties he bought.
‘Blatant abuse of trust’: DPP
Despite the restitutions made, the prosecution maintained that it had to send a “strong signal” to deter other potential offenders.
“Other like-minded persons should know that such blatant abuse of a position of trust, and relentless reaching into their employer’s coffers to pursue personal gain, will be dealt with harshly,” said Deputy Public Prosecutor Stacey Fernandez.
DPP Fernandez also pointed out that Yeo’s offences were carefully planned, with a “high level of premeditation and deliberation over a sustained period of time”.
In delivering his judgement, DJ Shaiffudin said that Yeo should be categorised as a “serial offender” due to the sheer number of charges involved. He added that the offences could not be said to have been committed on the “spur of the moment” due to the lengthy period over which they took place.
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