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Ex-Prudential insurance agent issued with 8-year prohibition orders by Monetary Authority of Singapore (MAS)

MAS said it has reason to believe that the former Prudential insurance agent in Singapore will not perform financial advisory services honestly.

The logo of the Monetary Authority of Singapore (MAS), illustrating a story on prohibition orders against an ex-Prudential agent.
The Monetary Authority of Singapore (MAS) has issued an ex-Prudential insurance agent in Singapore with 8-year prohibition orders. (PHOTO: Reuters) (REUTERS)

SINGAPORE — The Monetary Authority of Singapore (MAS) has issued eight-year prohibition orders (POs), effective Thursday (18 April), against a former Prudential insurance agent over criminal breach of trust offences.

Gng Hoon Hong has been convicted by the State Courts for his actions – in December, he was sentenced to 20 months' jail after he pleaded guilty to three charges for committing criminal breach of trust. MAS has "reason to believe that he will not perform financial advisory services honestly", the central bank said in a statement.

Gng 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", MAS said.

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"He is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act," it added.

3 counts of criminal breach of trust

According to MAS, investigations revealed that between March 2012 to July 2018, Gng misappropriated a total sum of S$117,160.94 entrusted to him by his client. The money was to be used for the payment of the client's insurance premiums to Prudential.

Gng did not pay Prudential, but used the money for his own expenses. This resulted in three of the client's policies to lapse.

"When confronted by his client, Gng presented a forged printout purportedly from Prudential's website which falsely stated that one of the lapsed policies was in force,” MAS said.

Under Section 406 of the Penal Code (Cap. 224, 2008 Rev Ed), whoever commits criminal breach of trust shall be punished with imprisonment for a term which may extend to seven years, or with fine, or with both.

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