MAS bans two individuals for Fraud and Dishonest Conduct
The Monetary Authority of Singapore (MAS) has announced that it has issued prohibition orders (POs) against a former insurance agent and a former bank employee for fraud and dishonest conduct.
The individuals have been named as Aw Yong Seng, a former representative of Prudential Assurance Company Singapore Pte Ltd, and Chew Swee Sun Johnny, a former representative of Bank of Singapore Limited, MAS said in a press release.
The duration of the prohibition orders for Aw and Chew are set at 5 years and three years respectively, says MAS.
The POs were issued against these individuals following their convictions in the State Courts of Singapore. The two court cases were not related, read the press statement, and the order took effect on August 18, 2020.
Aw is prohibited for a period of five years from (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (Cap. 110) (FAA); and (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (Cap. 142) (IA).
In June 2017, Mr Aw forged a document purporting to be an official receipt issued by Prudential. His client had earlier entrusted him with approximately SNG25,000 in cash to be paid to Prudential as the annual premium for the client’s policy. Instead of handing over the payment to Prudential, Mr Aw used the money for his own purposes. He forged a receipt in the name of Prudential in order to lead his client to believe that the annual premium had been paid to Prudential. After the deception was uncovered, Aw made full restitution of the amount to Prudential and the client’s policy was reinstated, says MAS.
Aw was convicted of forgery under the Penal Code (PC) and sentenced to 4 months’ imprisonment.
Similarly, Chew is prohibited for a period of three years from (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and (ii) performing any regulated activities, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market licensee under the Securities and Futures Act (Cap. 289) (SFA).
Between April 2012 and December 2012, Chew reportedly employed a scheme to defraud securities firm IG Asia Pte Ltd (IG Asia) by placing false orders for securities in three SGX-listed counters. He did so in his personal capacity using his personal trading accounts, as well as accounts belonging to his relatives and a friend. This was done with the sole purpose of influencing the associated Contracts for Differences (CFD) prices offered by IG Asia in his favour, says MAS. The trades in the underlying securities were ultimately never executed, and would be withdrawn shortly after the CFD orders were executed. Chew eventually made restitution to IG Asia.
Chew was convicted of employing a scheme to defraud and for unauthorised trading under the SFA, with the Court sentencing him to 8 week’s imprisonment.
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