MAS bans former insurance agents, bank employees for fraud, dishonesty
The Monetary Authority of Singapore (MAS) has banned four insurance agents and two bank employees for fraud and dishonest conduct.
They were separately convicted of different cases, and the total amount involved was more than $800,000.
In a release yesterday, MAS said it issued prohibition orders (PO) of between six and 12 years to the men, with the orders effective since Wednesday.
Those issued with POs are essentially banned from working in the respective sectors of the finance industry.
Poh Kim Chuan, who was previously with Great Eastern, misappropriated about $190,000 from 32 policyholders between 2007 and 2012. He was jailed for 34 months for criminal breach of trust and cheating, and has been banned for 12 years.
Chew Kheng Swee, who was previously with Prudential, cheated five victims of about $325,000. He was jailed for 45 months for cheating and forgery, and has been banned for 10 years.
Kelvin Goh Shang Fei, who was previously with NTUC Income, cheated a client of about $27,000. He was jailed for 15 months for cheating and was banned for six years.
Lam Allan, who was previously with AIA, cheated the taxman of about $50,000, then tried to cover this up by forging documents using his clients' names. He was jailed for four months and fined about $151,000 for a false income tax entry and was banned for six years.
PLANNED TO CHEAT
Yap Bin Chun, who was previously with United Overseas Bank, planned to cheat one client of about $218,000 and cheated a second victim of $20,000 while under investigation. He was jailed for 42 months for cheating and forgery and was banned for 10 years.
William Lin Weiwen, who was previously with OCBC Bank, cheated a client of about $30,000. He was jailed for 16 months for forgery and was banned for eight years.
Ms Loo Siew Yee, the assistant managing director for policy, payments and financial crime at MAS, said representatives of financial institutions here are expected to act with honesty and integrity at all times.
But she said the men abused the trust of clients and in one case forged documents to evade taxes. "Such dishonest behaviour has no place in Singapore's financial industry," she said.
"MAS will take action to exclude individuals who commit such acts from the industry."