MAS issues bans to three financial service professionals , Latest Singapore News - The New Paper

MAS issues bans to three financial service professionals

This article is more than 12 months old

The Monetary Authority of Singapore (MAS) has issued prohibition orders, which took effect from Wednesday, to three individuals - Mr Jeremy Lee Seow Poh, Mr Ong Eng Keong and Mr Yap Chee Hoe.

Mr Lee and Mr Ong, former representatives of Jefferies Singapore Limited (JSL), have been banned for four years and two years respectively, from any regulated activity under the Securities and Futures Act and Financial Advisers Act.

Mr Yap, former representative of Legacy FA has been banned from carrying on business as, and taking part in the management of an insurance intermediary under the Insurance Act for two years.

Between May 2011 and Dec 2012, Mr Lee traded in bonds using his private bank account that was not disclosed to JSL.

He also colluded with Mr Ong to trade against JSL using privileged information, and shared the trading profits.

During a pre-employment fit and proper test conducted by DZ Bank AG Deutsche Zentral in September 2016, Mr Lee falsely declared he had not been subject to any disciplinary proceedings by his former employer.

This was false as JSL had issued him with a written compliance warning for improper business conduct in the handling of a customer order in 2015.

Between May and July 2017, Mr Yap forged the signatures of five people in their insurance application forms as he wanted to expedite their purchases of the insurance policies.

He also provided false information concerning an individual's health and employment status in one application.

In a press release yesterday, Mr Lee Boon Ngiap, assistant managing director (capital markets) of MAS said: "MAS expects financial service professionals to uphold high standards of integrity and proper conduct. Professionals who fall short of these standards must be dealt with firmly to safeguard public trust in our financial institutions."