Three former insurance agents and a former bank employee have been issued prohibition orders by Monetary Authority of Singapore (MAS) for engaging in fraudulent and dishonest conduct.

Emphasizing the importance of trust in the financial industry, Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said: “Those who provide financial services to the public must be trustworthy.  The four individuals convicted abused the trust that their customers placed in them and enriched themselves at their customers’ expense.  MAS will not tolerate such behaviour and will take decisive action to keep such individuals out of the industry.”

The prohibition orders were issued against these four individuals following their convictions in the State Courts of Singapore for offences involving fraud and dishonesty. The orders took effect from 11 October 2019. The details of the for individuals are:

Name

Prohibited from

Duration of Prohibition orders

Mr Teh Chin Hong @ Edwin Teh,
former representative of The Great Eastern Life Assurance Company Limited (GE) 
(i) Providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA); and from

(ii) Carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (IA).

9 years

Ms Ng Wei Ling,
former representative of United Overseas Bank Limited (UOB)
Providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA.

8 years

Mr Aloysius Zephaniah Lim Bing Hong,
former representative of Prudential Assurance Co. Singapore (Pte) Ltd (PACS) 
(i) providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA; and from (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the IA.

5 years

Mr Joseph Michael,
former representative of GE
(i) Providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA; and from

(ii) Carrying on business as, or taking part in the management of, any insurance intermediary under the IA.

5 years

 

Mr Teh misappropriated and cheated a total of about $350,000 from seven clients over a period of 3 years on the pretext of helping them to invest their monies or pay for their insurance premiums.

Ms Ng cheated seven clients of $215,000 over 18 months on the pretext of helping them invest in a fixed deposit promotion that UOB was offering or buying an insurance policy.  She instructed them to pass her cash or transfer funds to a bank account which she claimed was used for the fixed deposit promotion. In fact, the funds were transferred into Ms Ng’s personal bank account. She also forged the signatures of two clients on insurance application forms.

Mr Lim cheated a client of close to $10,000 by misleading the client to transfer monies to him under the pretext of paying for insurance policies when those policies had already lapsed. Even after Mr Lim had left PACS, he continued to falsely hold himself out as a representative for nearly two more years, during which time he continued to deceive the client into transferring money to him.

Mr Michael was convicted of criminal breach of trust under the PC in August 2016. He had misappropriated approximately $15,000 from a client under the pretext that the money would be used to pay for insurance premiums.

 

Date: 16 Oct 2019

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