MAS issues 12-year ban against ex-bank officer over $520,000 misappropriation

File photo of handcuffs: Getty Images

A former bank officer was given a 12-year ban by the Monetary Authority of Singapore for misappropriating about $520,000 from clients.

Lee Chang Yeh Bentley, who was jailed 4 years and 9 months and fined $50,000 in court in November 2017, had committed the offences from May 2009 to January 2013 in the course of carrying out his fund management business.

He was convicted of committing criminal breach of trust as well as conducting regulated activities without a licence.

While at United Overseas Bank, where he worked from August 2005 to January 2010, Lee had set up a company to invest in shares and foreign-exchange on behalf of other investors. He carried out the investments even though he did not hold a Capital Markets Services licence.

With the MAS prohibition order, Lee is not allowed to perform any activity under the Securities and Futures Act and any financial advisory service under the Financial Advisers Act. Lee was also a representative of CIMB Bank in Singapore from September 2013 to July 2014.

Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said the authority will not hesitate to take firm action against finance professionals who fail to meet required standards of behaviour.

He added, “The present case is egregious and a large sum was misappropriated. This warrants a prohibition order of considerable duration to protect consumers, deter similar misconduct and preserve the integrity of our markets.”

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