The Monetary Authority of Singapore (MAS) has issued prohibition orders against two former bank employees and a former insurance agent after they were convicted in court for offences involving fraud and dishonesty.
The ban against the three individuals came into effect on 5 April, said the authority in a statement on Wednesday (10 April). The three court cases are not related.
3 separate cases
Emeline Tang Wei Ling, formerly a senior vice-president at Hong Kong and Shanghai Banking Corporation, was found to have deceived five individuals into handing over more than $5 million to her on the pretext of placing the monies into fixed deposit accounts with HSBC on their behalf.
Forged documents were given to the victims to convince them that their monies had been deposited with the bank.
Tang has been barred for 20 years from providing any capital markets and financial advisory services, and from taking part in the management, directorship or becoming a substantial shareholder of any capital market and financial advisory services firm under the Securities and Futures Act and Financial Advisers Act (FAA).
She was sentenced to 10 years and 6 months imprisonment after being convicted in June last year of cheating and forgery offences as well as for using the proceeds of her crime.
Nguyen Duy Minh, a former personal banker at United Overseas Bank Limited, was also banned for 12 years from providing financial advisory services, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA.
The Vietnamese national had sold fictitious financial products to his customers and forged documents to purchase financial products without their knowledge. He also misappropriated funds entrusted to him by a customer, instead of depositing them into the customer’s bank account as instructed.
His actions caused eight customers to lose approximately S$500,000. Nguyen was sentenced to three years and nine months’ imprisonment in June last year for offences including cheating, forgery and criminal breach of trust.
Lastly, John Koh Zhan Loong, a former was banned for 10 years from providing financial advisory services, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA. He has also been prohibited from carrying business, and partaking in the management of any insurance intermediary under the Insurance Act.
The former representative for NTUC Income Insurance Co-operative Limited, had misappropriated some S$500,000 in insurance premiums, which he collected from 11 customers. In June 2018, Koh was sentenced to four years’ imprisonment.