MAS bars two former financial advisers for five years for cheating
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Patricia Quek Puay Yi (left) and Silver Huang Hsin Tian were both convicted in May 2022 for cheating offences.
ST PHOTOS: KELVIN CHNG
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SINGAPORE – The Monetary Authority of Singapore (MAS) issued on Monday five-year prohibition orders against two former financial advisers after their convictions for cheating offences.
The two are Patricia Quek Puay Yi, , Silver Huang Hsin Tian
In July 2020, Quek bought an insurance policy from Manulife Singapore with Huang’s assistance after injuring her leg in an accident.
Once the policy came into force, the duo submitted a claim of $1,128.57 to Manulife for the leg injury despite knowing that the accident had taken place before Quek applied for the policy.
Manulife discovered the fraudulent claim
MAS said Quek and Huang’s convictions have led it to believe that they are not capable of giving financial advice honestly.
Effective from Monday, both are prohibited from providing any financial advisory services, and from managing, acting as a director, or becoming a substantial shareholder of any financial advisory firm.
They are also prohibited from working as or managing any insurance brokers, agents or other insurance intermediaries.
In May 2022, Quek and Huang were each convicted of one count of cheating with abetment, and were sentenced to jail terms of two weeks and one week respectively. They could have been jailed for up to three years, fined, or both.
