'Accidental millionaire' admits theft
Source: Agencies |
01:19 UTC+8 June 13, 2012
|
Print Edition
Print Edition
WHEN a cash-strapped gas station owner in New Zealand went online to check his bank account, he suddenly yelled out to his girlfriend that he was rich: "I've got a million dollars!"
In fact, a 2009 clerical error by a Westpac bank employee resulted in Hui "Leo" Gao getting a credit line of NZ$10 million (US$7.7 million), 100 times his approved limit.
After discovering the mistake, Gao didn't waste any time. Within two days he was transferring money to overseas accounts. Within a week he was on a plane to Hong Kong.
Gao's odyssey as the so-called "accidental millionaire" ended yesterday when the 31-year-old pleaded guilty to seven counts of theft. A summary of facts presented to the Rotorua District Court by prosecutors, which hasn't been challenged by defense lawyers, indicates Gao stole NZ$6.8 million before the bank realized its mistake.
The bank managed to get back about NZ$3 million by reversing some of the transfers but has never been able to recover the final NZ$3.8 million.
Gao has remained silent about the missing money and everything else to do with the case.
In April 2009, he was living with his girlfriend Kara Hurring in the tourist town of Rotorua. They ran a gas station Gao jointly owned with his mother. Gao applied for a temporary credit line from Westpac, which the bank inadvertently multiplied by 100.
"As soon as he realized the error made by Westpac allowed him access to the funds, the accused set about planning how he could transfer funds now available to him offshore," court documents state.
That set in motion a complicated series of transactions involving various accounts and companies, with some ending up in Chinese bank accounts.
By late April, Gao had left for Hong Kong and so had his parents. Hurring followed soon after. The couple then vanished into Chinese mainland.
Hurring, 33, returned voluntarily to New Zealand last year after having a child. In September, Gao was arrested as he tried to cross into Hong Kong from the Chinese mainland.
Gao and Hurring are due to be sentenced in August.
In fact, a 2009 clerical error by a Westpac bank employee resulted in Hui "Leo" Gao getting a credit line of NZ$10 million (US$7.7 million), 100 times his approved limit.
After discovering the mistake, Gao didn't waste any time. Within two days he was transferring money to overseas accounts. Within a week he was on a plane to Hong Kong.
Gao's odyssey as the so-called "accidental millionaire" ended yesterday when the 31-year-old pleaded guilty to seven counts of theft. A summary of facts presented to the Rotorua District Court by prosecutors, which hasn't been challenged by defense lawyers, indicates Gao stole NZ$6.8 million before the bank realized its mistake.
The bank managed to get back about NZ$3 million by reversing some of the transfers but has never been able to recover the final NZ$3.8 million.
Gao has remained silent about the missing money and everything else to do with the case.
In April 2009, he was living with his girlfriend Kara Hurring in the tourist town of Rotorua. They ran a gas station Gao jointly owned with his mother. Gao applied for a temporary credit line from Westpac, which the bank inadvertently multiplied by 100.
"As soon as he realized the error made by Westpac allowed him access to the funds, the accused set about planning how he could transfer funds now available to him offshore," court documents state.
That set in motion a complicated series of transactions involving various accounts and companies, with some ending up in Chinese bank accounts.
By late April, Gao had left for Hong Kong and so had his parents. Hurring followed soon after. The couple then vanished into Chinese mainland.
Hurring, 33, returned voluntarily to New Zealand last year after having a child. In September, Gao was arrested as he tried to cross into Hong Kong from the Chinese mainland.
Gao and Hurring are due to be sentenced in August.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
