Ex-remisier extradited to Singapore, charged over misappropriating more than S$13 million

A FORMER remisier who was wanted for more than a year was extradited to Singapore and charged in court on Friday (Aug 4) with criminal breach of trust, along with other offences involving the alleged misappropriation of more than S$13 million.

While the police did not state where Sumiko-Jill Teo was extradited from, it said she had left Singapore in January 2022 before a police report was lodged against her alleging criminal breach of trust.

A warrant of arrest and an Interpol Red Notice – which requires law enforcement worldwide to locate and arrest the person – were issued against her with immediate effect.

Teo was extradited to Singapore on Jul 27 with the cooperation and assistance of the United States Homeland Security Investigations and the Spain National Police, said the police.

The Commercial Affairs Department (CAD) arrested her on the same day.

Teo faces 56 charges in total. They allege that she had “dishonestly misappropriated more than S$13 million that was entrusted to her by 15 victims” between January 2020 and December 2021.

At the time, she was a remisier at Maybank Kim Eng (Maybank KE), which was rebranded as Maybank Securities in December 2021.

The police said Teo allegedly forged trading records purported to be issued by Maybank KE, while manually entering trade transactions in the victims’ application, with the intention of causing them to believe that their monies had been applied towards trades in their accounts, when this was not the case.

If convicted, Teo faces imprisonment ranging from four to 20 years and will be liable to either a fine, or both, for each of the 52 charges under various sections of the Penal Code.

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These charges range from committing criminal breach of trust as an agent, to committing fraud by false representation. 

Under the other four counts of forgery faced by Teo under the Criminal Procedure Code, she faces up to four years of imprisonment or a fine, or both, for each charge.

“The police are resolved to work with our law enforcement partners to afford criminals no safe refuge nor enjoyment of their proceeds of crime. We will continue to collaborate closely with Interpol and our wide network of overseas law enforcement partners to locate, arrest and extradite criminals to face justice in Singapore,” said CAD director David Chew.