SINGAPORE: A former insurance agent and a former bank employee have been issued prohibition orders for fraud and dishonest conduct in separate cases, temporarily barring them from several financial practices.
The men, who have been jailed for their actions, previously worked for Prudential Assurance Company Singapore and the Bank of Singapore, the Monetary Authority of Singapore (MAS) said in a news release on Wednesday (Aug 19).
AdvertisementAdvertisementThe two cases are not linked.
The authority issued a five-year prohibition order against Aw Yong Seng, a former Prudential insurance agent, barring him from providing financial advisory services and taking part in the management of or becoming a substantial shareholder in a financial advisory firm under the Financial Advisers Act.
The order also bars him from carrying on business as, or taking part in the management of, an insurance intermediary under the Insurance Act.
This was after Aw misappropriated a total of S$25,000 from a client in June 2017.
AdvertisementAdvertisementThe money was meant for the payment of an annual premium for an existing insurance policy, MAS said.
Aw instead used the money himself and forged a receipt in the name of Prudential, leading his client to believe that the premium had been paid.
Full restitution of the amount was made by Aw after his deed was uncovered, and the client's policy was reinstated.
Aw was convicted of forgery under the Penal Code and was sentenced to four months’ jail.
EX-BANK OF SINGAPORE REPRESENTATIVE JAILED
In another case, a former representative of Bank of Singapore, Chew Swee Sun Johnny, was issued a prohibition order for three years.
Between April 2012 and December 2012, Chew had placed false orders for securities in three SGX-listed counters in a scheme to defraud securities firm IG Asia.
Chew had used his personal trading accounts, as well as accounts belonging to his relatives and a friend.
Chew's actions were done "with the sole purpose of influencing the associated contracts for differences (CFD) prices offered by IG Asia in his favour", said MAS.
However the trades were never executed, and were withdrawn shortly after the CFD orders were executed, said the authority. Chew eventually made restitution to IG Asia.
Chew was convicted of employing a scheme to defraud and for unauthorised trading under the Securities and Futures Act and was sentenced to eight weeks’ jail.
Under the three-year MAS order, he is barred from providing any financial advisory services and 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.
He is also prohibited from 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.
The prohibition orders against Aw and Chew took effect on Aug 18.
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