MAS issues Prohibition Orders against three people for fraud

The Monetary Authority of Singapore has issued yesterday Prohibition Orders against three individuals for their fraudulent and dishonest conduct while carrying out their duties. Two former bank employees and a former insurance agent are concerned and their cases are not related.

They are respectively prohibited:

  • For 20 years from providing any capital markets and financial advisory services under the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA); and taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market and financial advisory services firm under the SFA and FAA.
  • For 12 years from providing financial advisory services, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA.
  • For 10 years from providing financial advisory services, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA; and carrying on business as, and taking part in the management of, any insurance intermediary under the Insurance Act (IA) for a period of 10 years.

Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “MAS imposed Prohibition Orders of considerable duration against these individuals as they had abused their position of trust by engaging in criminal conduct at the expense of their customers.”

Their Prohibition Orders are effective from April 5th 2019.

To read MAS’s release, click here.

Date: 11th April 2019

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