MAS bans 2 former bank employees, an insurance agent for fraudulent and dishonest conduct

MAS bans 2 former bank employees, an insurance agent for fraudulent and dishonest conduct

Monetary Authority of Singapore MAS
File photo of MAS building. (Photo: AFP/Roslan Rahman)

SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Wednesday (Apr 10) that it has issued prohibition orders against two former bank employees and an insurance agent for fraudulent and dishonest conduct. 

Emeline Tang Wei Leng, formerly from HSBC, was handed the longest ban of 20 years, while Nguyen Duy Minh, a former representative of UOB, has been banned for 12 years. 

Koh Zhan Loong John, a former insurance agent for NTUC Income, was given a 10-year ban. 

The three cases are unrelated, MAS said.

It was earlier reported that Tang, who was a senior vice-president at HSBC, had cheated mostly elderly victims.

A total of five people - four of whom were her relatives - were cheated into handing over more than S$5 million to her, thinking she would put their money into fixed deposit accounts with HSBC.

Tang gave her victims forged documents to convince them that their money had been deposited with the bank. 

The 41-year-old was sentenced to 10-and-a-half years' jail in June 2018 and is now banned from providing any capital markets or financial advisory services.

In addition, she 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.

READ: Ex-HSBC executive jailed 10.5 years for cheating mostly elderly victims of S$5.2m

Nguyen sold fictitious financial products to his customers and forged documents to financial products without their knowledge, said MAS.

He also misappropriated money entrusted to him by a customer, instead of depositing it into the customer's bank account as instructed.

His actions caused eight customers to lose around S$500,000, and Nguyen was jailed three years and nine months. 

He is also banned from providing financial advisory services and is unable to act as a director or become a substantial shareholder of any financial advisory company, said MAS. 

Koh misused the insurance premiums he collected from 11 customers, cheating them out of about S$500,000. 

He was convicted for criminal breach of trust in June last year and sentenced to four years' jail. 

His decade-long ban prevents him from providing financial advisory services and acting as a director or becoming a substantial shareholder of any financial advisory firm.

In addition, he cannot carry on business as an insurance intermediary, nor can he take part in the management of one. 

The prohibition orders for all three individuals took effect on Apr 5, said MAS.

The bans against the three were of "considerable duration" because they had abused their position of trust and caused considerable monetary losses to their victims, said Mr Lee Boon Ngiap, MAS’s assistant managing director of capital markets.

"MAS will act firmly and decisively against financial services professionals who undermine consumers’ trust and work to keep such unsuitable persons out of the industry," he added. 

Source: CNA/nh(hs)

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