Securities staff allegedly embezzled $150m from company a/c

Police are investigating a securities firm in Central after someone allegedly used the company account to make investments without authorization, causing the company a loss of $150 million. A man has been arrested.

The firm is located in World-Wide House in Central. Police arrived last night at around 10 p.m. after receiving a report and arrested a 26-year-old man, believed to be the firm’s investment manager. He is accused of using company assets to invest on behalf of the company, without authorization or consent, from January to July this year.

After share prices fell, the preliminary loss was estimated at $150 million. Police have classified the case as theft.