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Citibank exec goes missing; millions stolen

lowbatt99 · 43 · 12070

lowbatt99

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Citibank exec goes missing; millions stolen
abs-cbnNEWS.com
Posted at 08/20/2010 7:01 PM | Updated as of 08/21/2010 3:26 AM

Citibank says it's an isolated case; Binondo branch exec fired

MANILA, Philippines (UPDATED) - A private banking officer of Citibank's Binondo branch has gone missing after allegedly carting away hundreds of millions of his clients' money.

Francis Bryan Ang is the former assistant vice-president of the bank's Citigold Wealth Management group, which is aimed at high-value clients with bank deposits of no less than P4 million. Most of Citigold's customers are wealthy Chinese-Filipinos.

A note on the Citibank website states that Citigold clients enjoy various privileges including premium information and assistance from a dedicated wealth management team that will manage their accounts.

ABS-CBN News, however, learned that Ang embezzled more than P100 million of his clients' money.

One Citigold client lost P10 million from his time deposit after Ang forged his signature. An affidavit signed by Citibank's lawyer showed that Ang changed the client's address so that bank statements would not reach the account owner.

Citibank officials said Ang promised much higher interest for time deposits than what was offered by the bank. He also gave higher referral fees to clients than the standard referral fees approved by Citibank.

Bank sources said Ang maintained an extravagant lifestyle and would often sport pricey watches every week. A bank document showed that Ang used one client's account to pay off Lucerne, a store that sells expensive watches.

Ang, 36, is the eldest son of Manila Councilor Bernie Ang. He finished high school at Xavier School in 1992, and graduated with a BS Economics degree at University of the Philippines-Diliman.

ABS-CBN contacted Ang's father who said he has not seen his son for the past 2 weeks. He denied any knowledge about his son's activities.

Ang was scheduled to marry his girlfriend, who comes from a prominent businessman's family in Valenzuela, this November. A source from the Chinese community, however, said the bank official also victimized his fiancée.

The girl's father, however, has denied this. He added that they can no longer do anything after Ang went missing.

Several of Ang's former clients refused to speak on camera until Citibank has refunded their money.

Citibank management said it has identified a small number of Ang's clients who are holding fake time deposit certificates.

"We have identified a small number of clients who are impacted.  We are reviewing these accounts and our priority is to work closely with these clients to ensure a satisfactory outcome," it said in a statement.

The bank said it has already fired Ang and filed criminal and civil cases against him.

"We are investigating certain questionable transactions initiated by an employee whose employment has since been terminated.  We have filed criminal and civil cases against him, supported by his own admissions and very strong documentary evidence," the bank said.

It added: "We are working closely with the relevant authorities who are assisting us in this matter.  Although the investigation is still ongoing, we believe this is an isolated case, and we are taking all necessary measures to protect our clients."

In response to ABS-CBN News' report, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla, Jr. said: "The matter has been reported to us and the bank is continuing its investigation. We are satisfied the matter is being handled properly." -- report from Ces Drilon, ABS-CBN News
« Last Edit: Oct 19, 2010, 06:02 PM by FutureGizmo »


freefront

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psychotic break. I wonder what tipped his balance?

Ang magandang malaman dyan, how long before the bank realized any wrongdoing at all?


bauer

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the second question is the most important since it is not an ordinary local bank.  It is a GLOBAL bank.  if a local can do it, how much more in other well developed countries where the bank operates?


AMARANTH

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gutsy fella, citibank better pay up consisdering its their assistasnt vice president


Shaun

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those who got burned from rural banks and decided to go Citibank kawawa naman, sana wala naman...dami talagang manloloko! :censored:
« Last Edit: Oct 19, 2010, 06:05 PM by FutureGizmo »


tops5450

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PDIC paba covered ito pag ang deposit certificate na hawak mo ay fake na inissue ng isang bank officers :book:


Shaun

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^ sir tops, kahit siguro covered pa ng PDIC yan, eh kung ang minimum deposit mo is 4M lugi ka pa rin since 500k lang covered ng PDIC...to think na kaya ka nga sila sa Citibank nag-deposit dahil its a Global Bank mas matatag kung iisipin pero naloko pa rin.


tops5450

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so big and small banks is not guarantee at all that your deposits are safe. :rakenrol:

at di  rin maasahan ang pdic :bahalaka:


dataencoder12

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 dapat bayaran pa rin sila nung full amount ng CITI.. they are not bankrupt so they should be able to settle the full amount if not then clients can still file for criminal and civil case against the bank kasi diba Ang is considered as bank representative.


freefront

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Their big name is at stake. Baka naman covered sila ng off-shore na insurance company.

I used to do bodyguard duties sa isang depositor nila doon. They take you into glass-partitioned/smoked glass rooms, offered coffee/tea and you get your own personal banker. Your gifts are real leather- planners, checkbook holders,etc. Not one, but a whole set of Samsonite travel bags,etc.

I guess their own system is their own undoing. Wala naman yatang CCTV cams sa mga rooms na yun.


AbysmalSpecter

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The suspect is a son of Manila councilor Bernie Ang.
Posted on: Aug 23, 2010, 08:58 PM

PDIC paba covered ito pag ang deposit certificate na hawak mo ay fake na inissue ng isang bank officers :book:


I think the product where those victimized placed their money is not a deposit product so it is not covered by PDIC.


freefront

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I thought PDIC only covers those whose banks go into receivership or bankruptcy?

Any word if there has been a bank run in binondo yet?


lowbatt99

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He's a bank rep.  Citibank is legally liable.  Their employee forged their client's signature, where's the security verification?

$2 million is small amount of money for Citibank to ruin their brand reputation.  They'll pay up.


waterfront

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nobody and no specie here on Earth can ever compete us Pinoys as far as scams and stupidity are concerned. me think we are the worst of the worst. yudip*ta!   :D


tops5450

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Langerhans

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This is sad story. Imagine you are robbed in where you think the safest place for your money!


GoodSteward

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Father of Citibank executive accused of bank fraud defends son
By Sandy Araneta (The Philippine Star) Updated August 25, 2010 12:00 AM Comments (9) View comments

MANILA, Philippines - Manila 3rd district Councilor Bernie Ang on Monday defended his son Francis Bryan Ang, former executive of Citibank who was accused of bank fraud, and stressed that “he is not guilty and not in hiding.”

In a statement, Ang guaranteed that his son will face all the accusations “unjustly hurled” against him at the proper time and forum.

Ang’s statement came in the wake of reports that Francis is “wanted” for having “stolen” millions of pesos from the bank’s rich Chinese-Filipino clients.                   

“How could he be wanted when there is yet to be a preliminary investigation and no arrest warrant has been issued against him?” the councilor said.

Ang said that while his son now fears for his life for going against a big, multi-national company, he gave assurance that Francis is ready to talk about what he knows to prove his innocence.             

Bryan Ang, a former assistant vice president for the Citigold Wealth Management unit of Citibank Binondo branch, was charged with allegedly running off with millions from wealthy Citibank depositors.

Ang said that Francis “is a powder keg ready to explode anytime kaya inunahan siya (so they jumped the gun on him).”                         

Before his son was accused of duping rich bank clients, Ang said Francis made known to his superiors his disappointment over some alleged bank “anomalies” and threatened to expose the same before the media if nothing is done about it.                                               

He said that his son’s supposed uncovered anomaly came out in the open even before an investigation could start.

Ang said normally, banks would keep everything under wraps since issues like this will create a bad impression and will scare off bank depositors.

The councilor said that rich Chinese-Filipinos, such as those mentioned as sources, would not dare go out in public and expose their wealth. 

He expressed doubts about reports that the other complainants would not come out in the open as they are yet to be paid by the bank.

Ang noted that under Central Bank regulations, a bank is mandated to pay its clients should they be victimized by any of its employees, whether or not they come out in public.

He also revealed receiving threats through his cellular phone after releasing the statements.

He said that he received a text message around 10 a.m. yesterday asking what he and his son are planning to expose.

“Ano ang balak ninyo i-expose ni Francis? Magdahan-dahan kayo baka di kayo tumagal (What are you and Francis planning to expose? You should slow down lest you don’t last),” said Ang quoting the text message.

He said he is trying to track the number of the texter, although he doubts if it came from Citibank itself.

Ang said he suspects that the text message must have come from someone who will be adversely affected by his son’s supposed exposé.

____________________

Citibank....ayusin nyo gusot kasi kakahiya reputation nyo.....

I only patronize their credit card....... :grin:
« Last Edit: Oct 19, 2010, 06:07 PM by FutureGizmo »


barister98

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white collar crook. where do you think he got his college degree? well its from ___________.


tops5450

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dora_lakwachera

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tokzz

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@barister98, ano connection ng school nya?
« Last Edit: Oct 19, 2010, 06:08 PM by FutureGizmo »


waterfront

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i heard somebody joked na maybe daw, iyon ang subject na tinuro sa kanila.


yellowminded

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^really? that's a really funny joke ha. di siguro pumasa nagsabi nun sa upcat :)


bauer

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NellyW

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So what's the catch if the "supposedly culprit" guy passed the UPCAT?

I'm starting to smell some crab here :D


freefront

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^sumasali ba yang mga iskolar ng bayan sa stock trading contest, me financial planning course ba sila, me Entrep. course na ba, etc?

Sakyusme, ha? Intelligent people make monumental blunder because they are capable of it. Kung bobo yan, baka nag-uwi lang sya ng giveaway na payong. :D :D :D


Posted on: Aug 27, 2010, 12:31 PM


Ok din magpatakbo ang PRO nila ano? Patay na yata ang balita.


Pr1meBiz

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white collar crook. where do you think he got his college degree? well its from ___________.


U.P. (B.S Economics)


Posted on: Aug 27, 2010, 07:15 PM

Me pinagmanahan sa ....____________ :watchuthink:


Naging PROF niya kaya yung bumaba sa puwesto nung June 30.


freefront

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eh...the guy only admits to 2 counts of wrongdoing. Plus- it's not even 2 million.


lowbatt99

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We'll see how Citibank handles this.  If they don't make an example out of him then more like him will follow.  They're sending a message to every Citibank employee the punishment for grand theft is minimal.  For some of them, they'll think it's worth the risk.  To the depositors, they'll feel insecure and pull out.


happykill

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nakakapagtaka lang kung paano nakuha ni bryan yun money since alam ko tight ang security sa bangko. Hindi ka makakalabas ng pera basta basta. or there could be lapses in the transaction procedures within CITIBANK on which they allow their people to collect money outside the bank. Pero kung sabi sa news ay madami ang affected na clients, ang ibig bang sabihin nito eh matagal na nangyayari ito hindi lang napapansin ng client na wala yun pera nila sa bangko? just my opinion lang naman


Langerhans

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^ Since he is one of the top executives of the bank, anything is possible.  


johnrider999

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From rural banks to big int'l banks..   Saan kaya tayo? plus bulok na system pa sa PDIC :boxing:
Until now hindi pa rin kami nabayaran ng pdic.  :help:

Calling PDIC!


lowbatt99

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Not that uncommon.  This happened to Metrobank too a couple of years ago.


AbysmalSpecter

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Citibank announced that it will give back the customers' money.  All's well that ends well.


happykill

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dapat lang ibalik ng CITIBANK since there are lapses on their policies. sa tinging ko kahit top executive employee, there should be procedures on holding money of the clients. Kahit may ari ka ng bangko mapa rural bank man. There should be procedures and policies to be taken to make the clients be assured that their money will not be lost. However this is the ideal setup, malaman maraming hindi ganito nangyayari. Hindi ko nga lang alam kung bakit kahit internationl bank does not follow this rules.


myfxlife

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Sino kaya ang nagsasabi ng totoo? Si Bernie Ang o ang Citibank? Napaka-exiting 'tong case na 'to, just keep posting for the latest news developments dito sa pmt at susubaybayan ko 'to ng maigi. :rakenrol:


bauer

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si bernie ang ay politician ng maynila (dating congressman, ngayon city councilor).  may politiko ba na nagsabi ng totoo?


gundam

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possibly a side effect of a xavier education.
any updates on where this guy is, or what has happened?


freefront

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vivienshoshanna

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jaysn0w

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last i heard he's missing...


the banks / NBI are still looking for him...most probably he's abroad....tsk2x what a waste...

i've heard He was a asst VICE President of a citi bank division? am i right?


myfxlife

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Napaka-exciting naman itong thread na 2, so hindi pala totoo yung ibang posts dito na me ibubulgar si Bernie at Bryan Ang against CitiBank, instead ang totoo talaga ay nakatakas si Bryan Ang? Is that correct? :boxing:


mt88

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Here's another Citibank employee conning the bank's clients -

http://www.bbc.co.uk/news/world-south-asia-12088085





 


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