Skip to main content

Advertisement

Advertisement

Business

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

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

The Monetary Authority of Singapore (MAS) building in Singapore. (Photo: AFP/Roslan Rahman)

SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Thursday (May 9) that it has issued prohibition orders against three individuals for dishonest conduct.

Jeremy Lee Seow Poh and Ong Eng Keong, both former representatives of Jefferies Singapore (JSL), were handed four- and two-year prohibition orders respectively after they traded in bonds without their company knowledge and approval between May 2011 and December 2012, said MAS.

Lee who was the managing director and head of sales for JSL's fixed income desk had also colluded with Ong, who was senior vice president for credit trading, to trade against JSL using privileged information which they obtained in the course of their work and the shared the trading profit.

“JSL would not have entered into these trades if it was aware that Lee was the counterparty due to possible conflict between the personal interests of Lee and Ong, and that of JSL and its clients,” MAS said.

In September 2016, Lee also gave a false declaration to DZ Bank AG Deutsche Zentral, where he had joined as director and head of sales in Asia for capital market sales and as an appointed representative.

He had declared that he had not been subject to any disciplinary proceedings by his former employer.

This was false as JSL had already issued him a written compliance warning for improper business conduct in handling a customer order in 2015, according to MAS.

The central bank said Lee and Ong are banned from providing any capital markets or financial advisory services.

In addition, they cannot take part in the management, act as a director or become a substantial shareholder of any capital market services firm and any financial advisory company.

The third person, Yap Chee Hoe, a former representative of financial advisory firm, Legacy, was given a two-year prohibition order after he forged signatures of five individuals in insurance application forms.

He had done so between May and July 2017 to “expedite their purchases of the insurance policies”, MAS said. He also provided false information concerning an individual’s health and employment status in one of the application forms.

“The individuals did not suffer any losses as the applications were either withdrawn by the individuals or cancelled by the insurance company after Yap’s misconduct was uncovered,” MAS said.

“Yap is prohibited from carrying on business as, and taking part in the management of an insurance intermediary under the Insurance Act,” MAS said.

He also cannot take part in the management, act as a director or become a substantial shareholder of any financial advisory company.

All three prohibition orders came into effect on Wednesday.

Source: CNA/na(ms)

Advertisement

Also worth reading

Advertisement