Shanghai Financial Analyst Goes to Jail For Misusing $855,000 on Gambling

Financial analyst who embezzled his workplace with 5.3 million yuan/$855,000, as well as a private client for 350,000 yuan, was sentenced to seven years in prison.

Chen’s punishment was determined by the Pudong New Area People’s Court and the criminal commented that he committed the fraud in order to be able to play online casinos in China.

He explained that he became an addict in 2005 and throughout the years built up significant debts.

He was responsible for collecting clients’ payments and this is how he had access to large amounts of money.

The sad story

He stole the first 3 million yuan in 2012 and the remaining 2.3 million in 2013 and used the funds to bet on sports in China.

He was fired in February 2013 and still managed to convince one of the clients of his ex-employer that he was still working there and later on stole 350,000 yuan from the deceived client.

He was arrested in September and after the court heard that Chen’s gambling problem caused the breakup of his family and the loss of his home, he was sentenced to seven years in jail and was fined just 6,000 yuan.

Additionally, he has to repay 5.3 million yuan to his former employer and 190,000 yuan to the client.