Accountant pleads guilty to embezzlement
By Xu Fang |
March 11, 2010, Thursday
|
Print Edition
Print Edition
A LOCAL bank accountant pleaded guilty at a court hearing yesterday to allegedly embezzling nearly US$450,000.
Although the defendant Zhang Rong returned US$12,000 and 50,000 yuan to the bank, his embezzlement caused a huge loss of more than 2.9 million yuan in state assets.
He used the money on gambling, prosecutors said.
Prosecutors urged a sentence of 14 years or longer, considering the huge loss, though Zhang surrendered himself to the police and tried his best to compensate.
His lawyer asked for a lenient punishment for Zhang, saying negligent management by the bank was partly to blame.
The court didn't announce the verdict after the hearing.
Zhang, 33, was assigned to be a foreign-currency saving accountant of the Xuhui District sub-branch of the Postal Savings Bank of China in September 2008.
He was in charge of approving capital allocation applications from subordinate bank outlets and other district sub-branches and recording the allocation in the computer.
He became addicted to gambling in February 2009 and started to use his position to draw cash in the name of capital allocation for poker gambling, Xuhui District People's Court heard.
Gambling woes
"As an accountant, I shouldn't draw cash directly. The cash was usually taken by clerks of the bank outlets submitting the application," Zhang told the court. "Because I was familiar with the bank clerks from whom the cash was drawn, they gave me the cash without suspicion."
Zhang allegedly did this 33 times and took away US$448,015. His gambling bets exceeded US$10,000 every time.
"I wanted to win back the money quickly and give up as soon as I got enough money to cover the hole," Zhang said.
He paid back US$12,000 after winning some money. When he found he could never cover the loss as it kept increasing, he surrendered to prosecutors on October 13.
His family helped him pay back 50,000 yuan (US$7,321) after he was arrested.
Although the defendant Zhang Rong returned US$12,000 and 50,000 yuan to the bank, his embezzlement caused a huge loss of more than 2.9 million yuan in state assets.
He used the money on gambling, prosecutors said.
Prosecutors urged a sentence of 14 years or longer, considering the huge loss, though Zhang surrendered himself to the police and tried his best to compensate.
His lawyer asked for a lenient punishment for Zhang, saying negligent management by the bank was partly to blame.
The court didn't announce the verdict after the hearing.
Zhang, 33, was assigned to be a foreign-currency saving accountant of the Xuhui District sub-branch of the Postal Savings Bank of China in September 2008.
He was in charge of approving capital allocation applications from subordinate bank outlets and other district sub-branches and recording the allocation in the computer.
He became addicted to gambling in February 2009 and started to use his position to draw cash in the name of capital allocation for poker gambling, Xuhui District People's Court heard.
Gambling woes
"As an accountant, I shouldn't draw cash directly. The cash was usually taken by clerks of the bank outlets submitting the application," Zhang told the court. "Because I was familiar with the bank clerks from whom the cash was drawn, they gave me the cash without suspicion."
Zhang allegedly did this 33 times and took away US$448,015. His gambling bets exceeded US$10,000 every time.
"I wanted to win back the money quickly and give up as soon as I got enough money to cover the hole," Zhang said.
He paid back US$12,000 after winning some money. When he found he could never cover the loss as it kept increasing, he surrendered to prosecutors on October 13.
His family helped him pay back 50,000 yuan (US$7,321) after he was arrested.
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