Former K&L Gates partner found guilty of fraud
K&L Gates partner has been sentenced to 12 years in prison in what has the judge described as Hong Kong’s worst case of embezzlement.
Navin Kumar Aggarwal, 47, was accused of stealing HK$7.8 billion from client accounts to fund his gambling habit. According to court documents, Aggarwal approached 92 potential investors between 2007 and 2011, saying that he had business opportunities for them, but that they had to demonstrate they had sufficient funds by depositing money with the firm. He then forged signatures in order to transfer the money into a dormant client account and onwards to casinos, his relatives and companies for which he served as director.
Aggarwal resigned from K&L Gates in June 2011, and pled guilty to two charges of fraud and one charge of money laundering in the High Court of Hong Kong this week.