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ING employee in Y500 million settlement fraud - Reuters

12 July 2002  |  3936 views  |  0 ING employee in Y500 million settlement fraud - Reuters

A settlements officer at ING Securities in Tokyo has vanished after the Dutch broker discovered securities worth millions of yen were missing, according to a Reuters report.

The newswire report says ING confronted the employee after routine monitoring revealed irregularities, and he subsequently failed to turn up for work. Police have been informed.

Spokeswoman Joyce Hurst told Reuters: "This employee was part of the settlements department. He had access to securities. Some of them are missing."

The missing securities are believed to be worth around Y500 million ($4.28 million). It is not yet clear whether the fraud involved paper or electronic documents.

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