MAS bans three people over fraud, dishonesty
The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against three people who worked for HSBC, United Overseas Bank and NTUC Income, respectively, after their convictions in court for offences involving fraud and dishonesty, it announced yesterday.
Emeline Tang Wei Leng, formerly a senior vice-president with HSBC, was given a 20-year ban for deceiving five individuals into handing over more than $5 million on the pretext of making fixed deposits into their HSBC accounts on their behalf, and later giving forged documents as proof of these deposits.
She is prohibited from providing any capital markets and financial advisory services, and also partaking in the management, directorship or being a substantial shareholder of any capital market and financial advisory services firm under the Securities and Futures Act and Financial Advisers Act.
For using the proceeds of her crime, Tang was sentenced to 10 years and six months' jail after being convicted of cheating and forgery offences under the Penal Code, and offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
Nguyen Duy Minh, a former UOB personal banker, was banned for 12 years for selling fictitious financial products to customers and forging documents to purchase financial products without their knowledge.
Nguyen also misappropriated funds entrusted by a customer instead of depositing it into the account as instructed.
This caused eight customers to lose around $500,000.
He was also sentenced last June to three years and nine months' jail for offences involving cheating, forgery and criminal breach of trust under the Penal Code, and offences under the CDSA.
John Koh Zhan Loong, formerly a financial associate with NTUC Income, was banned for 10 years for misappropriating insurance premiums amounting to around $500,000 from 11 customers. Koh was sentenced to four years' jail last June. - THE STRAITS TIMES
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