Manager Jailed for $4.8m Fraud After Losing Company Funds in Forex Trading
Manager Jailed for $4.8m Fraud After Losing Company Funds in Forex Trading
A 40-year-old Chinese national, Qin Xiaowen, has been sentenced to eight years and eight months in prison for misappropriating millions of dollars from her employer.
Qin, who worked for a scaffolding services firm, diverted nearly $4.8 million from the company’s bank accounts and used the funds for online foreign exchange trading. She ultimately lost the entire amount.
Despite repaying over $330,000, the company still recorded losses exceeding $4.4 million.
She joined the firm in 2016 as a purchaser and rose to a managerial position in March 2022. Owing to her employer’s limited proficiency in English, she was entrusted with overseeing three company bank accounts, including access to login credentials and a chequebook.
Between April 2022 and March 2023, Qin transferred company funds into accounts under her control. She also used the bank account of a former employee—without his knowledge—to carry out the fraudulent transactions.
In addition, she forged the managing director’s signature on company cheques. While an initial attempt to withdraw $40,000 failed due to an incorrect date, a subsequent cheque bearing a forged signature was successfully processed.
The fraud was uncovered in March 2023 after the managing director noticed suspicious activity.
Qin pleaded guilty to one count of criminal breach of trust and admitted to two counts of forgery.
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The Chairman and Chief Executive Officer of Adron Homes and Properties Limited, Aare Adetola Emmanuelking, has congratulated the Government and people of Oyo State as the state marks its 50th anniversary, describing the occasion as a celebration of resilience, cultural pride, and sustained progress.
