SINGAPORE - A former financial planner who cheated seven clients has been issued a six-year prohibition order by the Monetary Authority of Singapore (MAS), following his convictions in the state courts for forgery and cheating.
Under the prohibition order, Mr Stedtson Koh Kesheng will not be allowed to provide any financial advisory service, or take part in the management, directing or be a substantial shareholder of any financial advisory firm.
He is also prohibited from taking part in the management or carrying on business as any insurance intermediary.
The order took effect on Wednesday (Oct 27).
Mr Koh was employed at insurance company Manulife as a financial planner from 2013 to 2015.
While there, he convinced seven of his customers to sign contracts for new Manulife insurance policies by telling them the premiums they had paid for their existing policies from another insurer could be transferred to the new policies.
Mr Koh later forged documents to deceive them into believing the cash value of their existing policies had been successfully transferred to their new policies.
The clients, who believed the documents were real, stopped paying premiums for their existing policies.
As a result, they lost more than $22,000 in policy premiums they had paid when their policies were terminated before their maturity dates.
Mr Koh was sentenced to 24 weeks in jail after he pleaded guilty on Feb 15 for four counts of cheating and two counts of forgery.