MAS bans trio over dishonest, fraudulent acts

The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against three individuals who worked for HSBC, United Overseas Bank (UOB) and NTUC Income after their convictions in court for offences involving fraud and dishonesty, it said yesterday.

Emeline Tang Wei Leng, formerly a senior vice-president with HSBC, received 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 (FAA).

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. He also misappropriated funds entrusted by a customer, instead of depositing them into the account as instructed.

His actions caused eight customers to lose around $500,000.

He is banned from providing financial advisory services, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA.

He was 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 about $500,000 from 11 customers. Similarly, he is banned from providing financial advisory services, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA.

ABUSE OF TRUST

MAS imposed prohibition orders of considerable duration against these individuals as they had abused their position of trust by engaging in criminal conduct at the expense of their customers.

MR LEE BOON NGIAP, MAS' assistant managing director (Capital Markets).

He is also banned from carrying on business and partaking in the management of any insurance intermediary under the Insurance Act. Koh was sentenced to four years' jail last June.

Mr Lee Boon Ngiap, MAS' assistant managing director (Capital Markets), said: "MAS imposed POs of considerable duration against these individuals as they had abused their position of trust by engaging in criminal conduct at the expense of their customers."

He added that MAS will act firmly and decisively against financial service professionals who undermine consumers' trust and work to keep such unsuitable persons out of the industry.

A version of this article appeared in the print edition of The Straits Times on April 11, 2019, with the headline 'MAS bans trio over dishonest, fraudulent acts'. Print Edition | Subscribe