British HSBC clerk sentenced for fraud

A British bank clerk who tried to steal $141 million from HSBC was sentenced Monday to nine years in jail.

Jagmeet Channa, 25, who worked at the bank's London headquarters, had admitted charges of conspiracy to defraud and money laundering.

Channa had sent 60 million euros ($94 million) to an account in Morocco and 30 million euros ($47 million) to an account in Britain in April. The fraud was detected by an HSBC employee in Malaysia.

"There is no mitigation aside from age, stupidity and his plea," said his lawyer, Peter Corrigan.

Prosecutor David Levy said that although HSBC Holdings PLC recovered the money, it lost about 54,000 pounds ($107,000) in interest during the time the funds were in other accounts. He said Channa has not provided any information about the others involved in the crime.

"Others were involved, perhaps several others, and in the absence of any explanation from you I must assume this was a planned and sophisticated criminal enterprise," Judge Geoffrey Rivlin told Channa.

"You say you had no idea who these people were or what was going to happen to the money. I regret I cannot accept this statement."