Singapore’s financial regulator has issued a nine-year prohibition order against a former OCBC executive.
The Monetary Authority of Singapore (MAS) has issued a nine-year prohibition order against Hoi Wei Kit, a former representative of OCBC, according to a statement.
Under the ban, Hoi will be prohibited from any financial advisory services and from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm.
Fictitious Time Deposit Accounts
The order follows Hoi's conviction in February 2022 over five counts of cheating, one count of acquiring benefits from criminal conduct and another count of giving false information to a public servant, resulting in a 30-month prison sentence.
Between October 2017 to January 2018, Hoi defrauded five OCBC customers by leading them to sign up for fictitious time deposit accounts he claimed were offered by OCBC. S$170,000 ($130,000) would be transferred out of their respective OCBC accounts which Hoi then arranged to be transferred to his own bank account.
«The convictions gave MAS reason to believe that Mr. Hoi will not perform financial advisory services honestly,» the regulator said.
