SINGAPORE: In a shocking breach of trust, a 27-year-old accounts executive, Linberg Yeo Yu Wei, siphoned off more than half a million dollars from his employer over two months.
He used the stolen funds to indulge in lavish purchases and a gambling spree. Yeo, employed by biomedical equipment supplier SPD Scientific, pleaded guilty to one count of cheating and was sentenced to 19 months in prison on January 22.
According to the Straits Times, Yeo’s crime, between August and October 2023, involved falsifying payment requests and deceiving his CEO into approving $501,173 in company funds. His illicit spending included buying Pokemon trading cards, a second-hand Rolex watch, and an iPad. He also used the money to fund gambling and cover personal expenses like credit card bills and holidays.
His misappropriations first came to light in November 2023 when SPD Scientific’s human resources manager uncovered discrepancies in the company’s accounting records, including a suspicious $24,840 transfer to Yeo’s bank account. Upon questioning, Yeo returned the funds the following day, but an internal investigation soon revealed financial misconduct on a larger scale. A police report was filed, and Yeo was arrested in January 2024.
In his defence, Yeo’s lawyer, Mr Quek Liuyong of IRB Law, argued that his client had been under significant work-related stress, feeling unfairly treated but unsure of how to express his concerns. He claimed that Yeo’s growing frustration eventually led him to embezzle the funds. The defence also noted that Yeo had fully refunded the stolen amount to the company and was now employed at a different firm, where he had been transparent about his criminal past.
While the defence sought a reduced sentence of 12 to 15 months, the court ultimately gave a 19-month jail term. Yeo’s actions are a stark reminder of the importance of corporate accountability and the consequences of abusing positions of trust within the workplace.Toto jackpot for Reunion draw soars to S$10.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore Pokemon Center Cancels In-Store Launch Due to Overwhelming CrowdsHundreds of Pokemon fans were left disappointed after the Pokemon Center Singapore canceled the in-store launch of the Prismatic Evolutions card game just 30 minutes before it was scheduled to begin. The large gathering of fans proved too much for the store and security to handle, leading to the cancellation and a shift to online sales. While the online launch quickly sold out, some fans speculate that a select few received early access to purchase the limited-edition products.
Read more »
Pokemon Centre Singapore Postpones Trading Card Game Launch Amidst Crowd ChaosThe launch of the new Prismatic Evolutions trading card game set at the Pokemon Centre Singapore was postponed due to an overwhelming crowd at its Jewel Changi Airport store. Despite a limited-ticket system and warnings about unofficial queues, fans gathered in droves, leading to safety concerns. Sales were halted, with the Pokemon Centre promising to resume sales on its Shopee store while stocks last.
Read more »
Best High-Interest Savings Accounts in Singapore for 2025This article explores the best savings accounts in Singapore with the highest interest rates for 2025, catering to different personal and financial needs. Note: This article is updated monthly with the latest rates. The rates below were updated on Jan 16, 2025.
Read more »
Singapore Police Gain Power to Freeze Bank Accounts of Stubborn Scam VictimsA new law in Singapore empowers police to control bank accounts of individuals who repeatedly fall victim to scams despite warnings and assistance. The law aims to prevent further financial losses to victims by restricting their transactions.
Read more »
Singapore Passes Law Giving Police Power to Freeze Accounts of Scam VictimsSingapore has passed a new law that allows police to freeze the bank accounts of individuals suspected of being scammed. The law aims to curb the growing problem of scams in Singapore, which has seen a significant increase in reported cases and financial losses.
Read more »
Singapore Passes Law Allowing Police to Freeze Accounts of Potential Scam VictimsSingapore's Parliament approved a new law granting police the authority to instruct banks to limit transactions for individuals suspected of being scammed. The law aims to prevent financial losses by suspending transfers, ATM access, and credit facilities, while allowing individuals to withdraw funds for essential expenses. Authorities will work to engage with victims and convince them of the scam, enlisting family support if necessary. The law applies to seven major banks in Singapore and can be extended to other institutions.
Read more »