Three former insurance agents and one banker have been received prohibition orders from the Monetary Authority of Singapore for defrauding clients over nearly S$600,000.
The MAS issued bans against former Great Eastern Life Assurance agents Edwin Teh Chin Hong and Joseph Michael; former Prudential Assurance agent Lim Bing Hong; and former UOB personal banker Ng Wei Ling. Teh and Ng face nine and eight-year bans, respectively, while Michael and Lim would be banned from relevant activities for five years each.
«The four individuals abused the trust that their customers placed in them, and enriched themselves at their customers’ expense,» said Loo Siew Yee, assistant managing director of policy, payments and financial crime at MAS.
Charges
Teh was charged with 34 months of imprisonment in March over multiple charges including the defrauding of seven clients of about $260,000. General Eastern Life colleague Michael misappropriated about $11,000 and was sentenced to 10 weeks of imprisonment.
Lim defrauded a client of $7,300, misappropriating the funds even after and policy had lapsed while falsely representing himself as a Prudential agent. Lim was sentenced to 14 weeks of imprisonment.
Former UOB banker Ng cheated seven clients of $157,000, claiming to help them invest in fixed deposit products or buy insurance policies while forging signatures and transferring the funds to her own personal bank account instead. She was sentenced to 20 months of imprisonment.
