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Ex-broker Yang Jui-jen finishes 13-year jail term

Former Waterland Securities stockbroker Yang Jui-jen, second left, leaves Taipei Prison in Kueishan Township, Taoyuan County, yesterday. PHOTO: CNA

Former Waterland Securities (國票) stockbroker Yang Jui-jen (楊瑞仁) walked free yesterday after 13 years in jail and promised to return NT$4 billion (US$121 million) to his former employer within seven years.

“I am sorry for what I did and apologize to those harmed by my actions 14 years ago,” Yang said.

The former stockbroker was approached by reporters as he left Taipei Prison in Kueishan Township, Taoyuan County, at around 9:10am yesterday. He kneeled down and bowed three times in apology.

Yang was found guilty of embezzling NT$10.2 billion by issuing fake cashier’s checks from Waterland, where he worked as a stockbroker, in 1994.

Upon his arrest, prosecutors retrieved nearly NT$9 billion, while Yang also made a deal with Waterland that he would return the rest of the money he stole within eight to 10 years of finishing his sentence.

“I plan to return the money within six-and-a-half years,” Yang said.

When asked how, Yang said he would start an Internet business, but declined to elaborate.

Yang began his 17-year sentence on April 16, 1999. He was also ordered to pay NT$3 billion in compensation for his actions.

A commutation of his sentence saw the term reduced to 13 years and the compensation cut to NT$1.5 billion.

Yang’s term was up six months ago, but he stayed behind bars for an additional six months instead of paying the NT$1.5 billion.

Yang issued a statement to the press yesterday saying that he would not make the same mistake if he could turn back time.

“I have sacrificed 13 years of freedom through my stupidity and I have learned a lesson,” he said.
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