Former DBS manager given prohibition orders after deceiving clients into transferring S$490,000 to personal bank account
SINGAPORE: A former wealth planning manager with DBS Bank has been issued 10-year prohibition orders after deceiving clients into transferring a total of S$490,000 into his personal bank account.
Marcus Loh Thim Mun was issued the prohibition orders by the Monetary Authority of Singapore (MAS). The orders took effect on Wednesday (Mar 16) after Loh was convicted of cheating and forgery offences, and using the benefits of his criminal conduct.
On Jan 6, 2021, Loh was sentenced in court to 33 months imprisonment for his offences.
Between October 2018 and November 2018, Loh deceived seven clients into transferring a total of S$490,000 into his personal bank account while he was a DBS representative.
Loh falsely informed some of these clients that their money would be placed in fixed deposit accounts with DBS, said MAS.
He also told a client that he could participate in a DBS share ownership scheme, and he forged a letter confirming the placement of the client’s money in the scheme.
He then used part of the money to purchase virtual credits on an unlawful gambling site.
"Loh’s actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly," said MAS.
“While Loh is no longer an appointed representative in Singapore, the prohibition orders were issued against him to safeguard the integrity of Singapore’s financial sector.”
Under the prohibition orders, Loh cannot provide any financial advisory services, take part in the management of, act as a director of, or become a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001, said MAS.
He is also not allowed to perform any regulated activity or take part in the management, act as a director, or become a substantial shareholder of any capital markets services firm under the Securities and Futures Act 2001.