MAS bans ex-Prudential agent and ex-BOS staff for fraud, dishonest behaviour
SINGAPORE — The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against a former insurance agent and a former bank employee for fraud and dishonest conduct.
The POs were issued following their convictions in the State Courts of Singapore, and took effect 18 August, according to a MAS statement on Wednesday (19 August). The two court cases were not related.
Aw Yong Seng, a former representative of Prudential Assurance Company Singapore Pte Ltd, was issued a five-year prohibition order.
In June 2017, Aw forged a document purporting to be an official receipt issued by Prudential. His client had earlier entrusted him with approximately $25,000 in cash to be paid to the insurer as the annual premium for the client’s policy. Instead of handing over the payment to the company, Aw used the money for his own purposes.
Aw was convicted of forgery under the Penal Code and sentenced to four months’ imprisonment. He has also made full restitution of the sum to Prudential, and the client’s policy was reinstated.
Under the prohibition order, he is banned for five years from 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. He is also not allowed to carry on business as, or take part in the management of, any insurance intermediary under the Insurance Act.
The other individual is Chew Swee Sun, Johnny, a former representative of Bank of Singapore Limited, who was issued a three-year prohibition order.
Between April and December 2012, Chew used a scheme to defraud securities firm IG Asia Pte Ltd by placing false orders for securities in three SGX-listed counters. He did so in his personal capacity using his personal trading accounts, as well as accounts belonging to his relatives and a friend.
This was done with the sole purpose of influencing the associated Contracts for Differences (CFD) prices offered by IG Asia in his favour.
The trades in the underlying securities were ultimately never executed, and would be withdrawn shortly after the CFD orders were executed.
Chew was convicted of employing a scheme to defraud and for unauthorised trading under the SFA. The court sentenced him to 8 week’s imprisonment.
Chew is banned for three years from providing 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.
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.
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