The Deborah Annells saga ended last week when she was sentenced to nine years jail for theft and fraud. But her case reveals shocking incompetence on the part of the government and institutional bodies that were charged with overseeing the trust industry and the conduct of professionals.
Both the Financial Secretary and the Hong Kong Institute of Certified Public Accountants (HKICPA) were presented with compelling evidence of fraud and breach of trust soon after Annells’ crimes became apparent. But both bodies declined to act and failed to protect the public and allowed her to continue stealing money from her client’s trusts. Continue reading