29 Oct '11, 12am

Ex-M1 staff jailed 6 years for embezzling $2 million

account manager was sentenced to six years' jail for criminal breach of trust and money laundering. Matthew Yeo Kay Keng embezzled $2 million in two years from the telecommunications company by stealing handsets and selling them. The 35-year-old stole 3,085 handsets between 2008 and 2010 and also created subscription contracts for mobile services supposedly for corporate customers, reported AsiaOne . He then sold the handsets to resellers, making a profit from selling them close to the retail price. The offence was discovered after M1 conducted an internal reorganisation last year. Yeo is said to have squandered the money on luxury watches including a $50,000 Patek Philippe watch, three Rolex watches worth $8,000 each and Audemars Piguet watches worth between $15,000 and $30,000 each. He also bought Porsches and invested $300,000 in Metalgraces, a sci-fi movie for Hollywood.

Full article: http://sg.news.yahoo.com/ex-m1-staff-jailed-6-years-for-e...

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