Singapore AXA insurance agent Xie Huirong, 27, was found guilty of defrauding customers and others out of about S$193,000 (US$144,100) after incurring losses from leveraged bitcoin trading. As a result, he was sentenced to two years and four months in prison.

Losses from Trading Cryptocurrencies Lead to Deceit

Xie, who worked for AXA from August 2017 to November 2019, encountered financial difficulties when trading cryptocurrencies. He resorted to dishonest methods in an effort to recoup his cash, taking money from customers under a variety of fictitious pretexts related to their insurance policies.

Victims Included Research Fellow, Single Mother, and Others

A single mother, a research fellow at Nanyang Technological University (NTU), and even Xie’s own aunt were among the victims that Xie targeted. By using his personal ties, Xie was able to persuade his victims to give him money through dishonest means.

Xie’s Deception of the Unmarried Mother:

Xie’s nephew’s acquaintance who was a single mother was among the victims who fell victim to his schemes. Xie persuaded her to pay the premiums for six months ahead of time by claiming to have better returns. She discovered the fraud only after AXA kept taking money out of her account after she had sent a check for S$8,000.

Xie’s Deception of His Aunt

Additionally, Xie deceived his own aunt into purchasing shares of Temasek Holdings that were never there. She gave him S$55,000 in cash, and although police inquiries were conducted, she only got S$7,500 back.

The Abuse of the NTU Research Fellow by Xie

Purchasing insurance coverage from Xie was an annual perk for an NTU research fellow earning approximately S$100,000. He persuaded her to pay the premiums for three years ahead of time, taking out S$30,000 that she never gave to AXA.

More Lies and Deceptive Activities

Aside from his clients, Xie committed additional frauds, including stealing S$4,000 from a foreign student by pretending he could get her a student card and promising to sell 800 boxes of thermometers during the COVID-19 pandemic.

Partial Restitution and Legal Repercussions

Late in 2019, AXA learned about Xie’s offenses, which prompted police inquiries. Xie has given a few of his victims about $77,000 in partial reparation. The prosecution emphasized the entire monetary loss and the intangible harm brought about by his conduct, and they requested a sentence of 33 to 43 months in prison.

Final Thoughts and Penalties

In addition to causing financial loss to people, Xie Huirong’s fraudulent actions damaged public confidence in the insurance sector. His deliberate plans to mislead clients and others have earned him a two-year and four-month prison sentence, which will start on February 7, 2024. The case serves as a helpful reminder of the dangers of trading cryptocurrencies and the value of doing your research before making any financial transactions.