The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former bank employees and two former insurance agents for fraudulent and dishonest conduct. The four individuals are:

Name Duration of POs Offences
Mr Kale Jagdish Purushottam,
former representative of Barclays Bank PLC, Singapore Branch (“Barclays”)
25 years(i) providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (Cap. 110) (FAA); and
(ii) performing any regulated activity, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market licensee under the Securities and Futures Act (Cap. 289) (SFA). 
Mr Liaw Tick Kwan,
former representative of DBS Bank Ltd and Standard Chartered Bank (Singapore) Limited
10 years(i) providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) performing any regulated activity, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market licensee under the SFA.
Mr Mike Chew Jun Yong,
former representative of Manulife Financial Advisers Pte Ltd
6 years(i) providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act.
Ms Priscilla Tien Ling,
former representative of Manulife Financial Advisers Pte Ltd
6 years(i) providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act.

Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, has given a statement saying “MAS has taken action to exclude all four individuals from the financial industry, as they have abused the trust of their customers or employers for personal gain. We will not hesitate to impose prohibition orders of significant duration where the misconduct is particularly serious, as in Mr Purushottam’s case, where the offences took place over a long period and involved a large number of unauthorised transactions, causing substantial losses to his former employer and clients.”

The POs were issued against these individuals following their convictions in the State Courts of Singapore for offences involving fraud and dishonesty. The POs took effect from 4 May 2020. Mr. Purushottam, Mr. Liaw, Mr. Chew and Ms. Tien were sentenced to imprisonment for 13 years, 46 months, 6 months and 8 months respectively.

Date: 17 June 2020

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