'There was a serious breach of trust', Hong Kong High Court Judge Patrick Li said Monday of Ma’s accepting the payments in exchange for information on derivative warrants issued by the bank. Li also ordered Ma to pay $3.2m to the bank.
Bloomberg reports that Ma, 39, was convicted by a jury on 6th December of four bribery charges. Ha But-yee, 62, one of the investors, was convicted of offering the bribes to Ma, who also served as Deutsche Bank’s chief warrant trader. Ha’s two sons and younger sister were acquitted of involvement in the bribery, which occurred between January 2007 and May 2008.
Ma will appeal his conviction, his lawyer Adrian Bell said.
Ha and his family made a profit of $29.4m on their 'rapid fire trading' of the warrants, a profitability that wasn’t seen in their other trades, Li said in handing down his sentence.
To access the complete Bloomberg article hit the link below: