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Ex-Prudential agent gets 5-year Prohibition Orders for cheating: MAS
The ex-Prudential agent's offences gave MAS reason "to believe that she will not perform financial advisory services honestly".
SINGAPORE – The Monetary Authority of Singapore (MAS) on Wednesday (19 July) issued five-year prohibition orders (POs) to a former representative of insurance and financial services company, Prudential Assurance Company Singapore Private Limited, following her conviction in the State Courts for cheating offences.
Huang Mengting's offences, MAS said, gave the central bank reason "to believe that she will not perform financial advisory services honestly".
In a statement, MAS said that under the POs, Huang is prohibited from providing any financial advisory services, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act.
"She is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act," MAS said.
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Between July 2019 and November 2020, Huang edited and submitted 11 false invoices to Prudential to facilitate her clients’ accident injury claims. These were accepted by Prudential and the firm was deceived into making a payout of S$3,287.82 to her clients, MAS said.
On 26 September 2022, Huang was convicted of four counts of cheating under section 417 of the Penal Code. She was sentenced to serve a six-week jail term. Seven other cheating charges were taken into consideration for the purpose of sentencing.
Under this section 417 of the Penal Code (Cap. 224, 2008 Rev Ed), the person who is convicted of cheating can be punished with imprisonment for a term which may extend to three years, a fine, or both.
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