The financial regulator of Singapore issued a professional ban against a former representative of AIA Singapore for defrauding a client.
Whilst a representative of AIA, Tan Peng Khoon, deceived an elderly AIA customer, who did not understand English, into signing documents to surrender a personal life policy, Singapore's financial regulator said in a statement on Wednesday.
By signing the documents, the customer unwittingly granted Tan permission to receive cheques for the amounts of S$2,018.11 and S$6,500 from AIA on her behalf. Tan had also manipulated the widow into adding him as a joint holder of her bank account, allowing him access to her savings. Tan withdrew the proceeds in cash. As a result of his action Tan was convicted in the state courts of Singapore and was sentenced to 18 months’ imprisonment in 2015.
Professional Ban
In handing out its censure, the Monetary Authority of Singapore said Tan Peng Khoon will now be prohibited for a period of eight years from carrying out business and taking part in the management of an insurance intermediary.
Tan is also prohibited from providing financial advisory services, taking part in the management, or becoming a substantial shareholder of a financial advisory firm.
