The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two individuals: a former insurance agent and a former bank employee, for fraud and dishonest conduct. Both cases are unrelated. The orders took effect from 18 August 2020.

One of the individuals, Mr Aw Yong Seng, is a former representative of Prudential Assurance Company Singapore Pte Ltd (Prudential)and is prohibited for a period of five years from (i) providing any financial advisory services, 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) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (Cap. 142) (IA). In June 2017, Mr Aw forged a document purporting to be an official receipt issued by Prudential. Mr Aw was convicted of forgery under the Penal Code (PC) and sentenced to 4 months’ imprisonment. 
 

The second person to be banned by MAS is Mr Chew Swee Sun Johnny, former representative of Bank of Singapore Limited (BOS). He is prohibited for a period of three years from (i) providing any financial advisory services, 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 activities, 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). Between April 2012 and December 2012, Mr Chew employed a scheme to defraud securities firm IG Asia Pte Ltd (IG Asia) by placing false orders for securities in three SGX-listed counters. Mr Chew was convicted of employing a scheme to defraud and for unauthorised trading under the SFA and has been sentenced to 8 week’s imprisonment.

Date: 20 Aug 2020

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