A 43-year-old man has been sentenced to three years and six months' prison after he pleaded guilty in District Court to one count of fraud and 17 counts of theft involving $18 million.

The Court heard that the man, who worked for an international securities company here, unlawfully authorised the transfer of shares from the company's securities accounts to his own securities account at a local bank.

To cover up, he first filled in false vouchers purporting that the missing shares had been taken out to the company's Registrar for registration.

The man then used the company's computer system to manage its illegal share transactions as he, being the settlement supervisor, could use his password to authorise the computer to execute and record share transactions.

Man confesses in letter to company

In September 2002, the company laid off the man, who then sent a letter to the company, confessing that he had stolen shares worth about $18 million.

The company later reported the case to the Securities & Futures Commission, and the case was referred to the Commercial Crime Bureau in April last year. The man was arrested at his home in Aberdeen on May 15.

Under caution, he admitted that he had used the proceeds to buy four residential flats and eight watches, and to cover his investment losses.