UBS(US:UBS) 新浪财经·2025-09-05 10:13Core Viewpoint - The case involves UBS AG's former executive Sun Jianrong, who was convicted of money laundering and contempt of court for embezzling over HKD 130 million from clients, leading to a prison sentence of ten years and six months, along with a lifetime ban from the financial industry [2][3]. Group 1: Embezzlement Details - Sun Jianrong embezzled funds from clients, specifically a couple named Yu Quanli and Lou Xiaojie, between November 2016 and February 2018, transferring a total of 1.3 billion RMB into various bank accounts, including 5 million RMB directly into his own account [2][3]. - The funds were disguised through fake transaction documents and monthly statements that mimicked UBS's official formats, misleading the clients into believing their money was secure [2][3]. Group 2: Discovery of Fraud - The fraud was uncovered in June 2018 when a new advisor took over the couple's accounts and found discrepancies, revealing that over 100 million HKD was missing from the accounts [3]. - Investigations showed that the embezzled funds were funneled into Sun's controlled accounts at HSBC and Hang Seng Bank, and he used the money to purchase properties in London and luxury cars [3]. Group 3: Criminal Background of Victims - The plaintiffs, Yu Quanli and Lou Xiaojie, were identified as involved in organized illegal activities, specifically a prostitution ring in Nanjing, which raised questions about the source of the funds [5][7]. - Yu Quanli was convicted in 2020 for operating a large-scale prostitution ring and sentenced to 15 years in prison, which further complicated the legal proceedings regarding the embezzled funds [7].