Former insurance agents and bank employee banned for cheating, dishonest conduct: MAS

SINGAPORE: Three former insurance agents and a former United Overseas Bank (UOB) employee have been issued prohibition orders for fraudulent and dishonest conduct, the Monetary Authority of Singapore (MAS) said in a news release on Friday (Oct 11).

They have all been convicted for offences such as criminal breach of trust, cheating and forgery.

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Among the four, Edwin Teh Chin Hong who was from the Great Eastern Life Assurance Company Limited was handed the longest prohibition order of nine years.

He had misappropriated and cheated about S$350,000 from seven clients over a period of three years, on the pretext of helping them to invest their money or pay for their insurance premiums.

For the offences, he was convicted in March 2018 and sentenced to two years and 10 months' jail.

Another former Great Eastern representative, Joseph Michael, was handed a prohibition order of five years.

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He had misappropriated about S$15,000 from a client who thought that the money would be used to pay for insurance premiums. Michael was convicted in August 2016 and sentenced to 10 weeks imprisonment.

The other former insurance agent, Aloysius Zephaniah Lim Bing Hong from Prudential, received a five-year prohibition order.

He had cheated a client of close to S$10,000 by misleading the client to transfer money to him for insurance policies that had already lapsed.

"Even after Mr Lim had left Prudential, he continued to falsely hold himself out as a representative for nearly two more years, during which time he continued to deceive the client into transferring money to him," said MAS.

He was convicted in March 2018 and sentenced to 14 weeks jail.

READ: MAS bans 2 former brokerage employees, an insurance agent for dishonest conduct

Former UOB employee Ng Wei Ling was banned by MAS for eight years.

She had cheated seven clients of S$215,000 over 18 months. This was on the pretext of helping them invest in a fixed deposit promotion that the bank was offering, or to buy an insurance policy.

"She instructRead More – Source

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