MAS bans 6 individuals for 6 to 12 years over fraud and dishonest conduct

(PHOTO: REUTERS/Edgar Su/File Photo)

SINGAPORE — The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against four former insurance agents and two former bank employees for fraud and dishonest conduct, with the bans ranging from six to 12 years.

The POs against the six individuals took effect from Wednesday, the MAS said in a statement on Thursday (19 March). The bans were issued against these individuals following their convictions in the State Courts for offences involving fraud and dishonesty in six separate cases.

The individuals are banned from providing any financial advisory service or taking part in the management of, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act over the periods of their POs. In relation to their respective former roles, they are also prohibited from being involved in the business or management or other related activities under the Insurance Act or the Securities and Futures Act.

Poh Kim Chuan, a former representative of The Great Eastern Life Assurance, who is prohibited for 12 years, misappropriated a total of $190,822.59 from 32 policyholders between 2007 and 2012. The money was meant for the payment of premiums for existing insurance policies, topping up of policies, buying of new policies as well as payment for renewal of car insurance and road tax. Poh was convicted of criminal breach of trust and cheating, and was sentenced to 34 months’ jail.

Chew Kheng Swee, a former representative of Prudential Assurance Co. Singapore, who is prohibited for 10 years, cheated five victims of a total of $325,310. He deceived the victims into making lump sum premium payments for insurance policies, but used the money for himself. He also forged signatures on insurance policy documents to deceive Prudential into accepting applications for the policies in two victims’ names without their knowledge. Chew was convicted of cheating and forgery, and was sentenced to 45 months’ jail.

Yap Bin Chun, a former representative of United Overseas Bank, who is prohibited for 10 years, devised a plan to cheat his client of $218,100 from his unit trust investments by getting signatures from the victims on blank forms. While being investigated by the police, Yap cheated a second victim of a sum of $20,000 by lying that he needed the money for bail. Yap was convicted of cheating and forgery, and was sentenced to 42 months’ jail.

Lin Weiwen, William, a former representative of Oversea Chinese Banking Corporation, who is prohibited for eight years, deceived a client into believing that she would be partially surrendering a policy, but later executed a full surrender instead in order to keep the balance of the funds for himself. He cheated the victim of $30,535. Lin was convicted of forgery, and was sentenced to 16 months’ jail.

Kelvin Goh Shang Fei, a former representative of NTUC Income Insurance Co-operative, who is prohibited for six years, lied to his client that he would receive vouchers worth $1,000 if he made a lump sum payment on his policy. The client handed over a cash cheque of $27,399.90 which Goh used to repay his debts to moneylenders. Goh was convicted of cheating, and was sentenced to 15 months’ jail.

Lam Allan, a former representative of AIA Singapore, who is prohibited for six years, wilfully made a false entry in a return made under the Income Tax Act by declaring that his income for Year of Assessment 2014 was $123,796 instead of $401,356. This resulted in an undercharged tax amounting to $50,348.20.

When the Inland Revenue Authority of Singapore (IRAS) asked Lam for documentary evidence of his declared expenses, he used his clients’ names, without their knowledge, to forge 36 payment vouchers showing that he paid referral fees to these individuals and forwarded the forged documents to IRAS. Lam was convicted of making a false entry in an income tax return, and was sentenced to 4 months’ jail and a penalty amount of $151,044.60.

Related stories:

MAS issues prohibition orders against former HSBC senior V-P and two others

Ex-UBS banker in Singapore gets 3-year ban for forging documents, emails: MAS

Ex-Goldman Sachs banker Tim Leissner banned for life by MAS over role in 1MDB scandal