Singapore, 11 October 2019… The Monetary Authority of Singapore (MAS) has issued prohibition orders against three former insurance agents and a former bank employee for fraudulent and dishonest conduct. The individuals are:

2     The orders were issued against these individuals following their convictions in the State Courts of Singapore for offences involving fraud and dishonesty. The orders took effect from 11 October 2019.

9-year prohibition orders issued against Mr Teh Chin Hong @ Edwin Teh

3     Mr Teh is prohibited for a period of 9 years from (i) providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA); and from (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (IA). 

4     Mr Teh misappropriated and cheated a total of about $350,000 from seven clients over a period of 3 years on the pretext of helping them to invest their monies or pay for their insurance premiums. For this, Mr Teh was charged with criminal breach of trust, cheating and forgery under the Penal Code (PC). He was convicted in March 2018, and was sentenced to 34 months’ imprisonment.

8-year prohibition order issued against Ms Ng Wei Ling      

5     Ms Ng is prohibited for a period of 8 years from providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA. 

6     Ms Ng cheated seven clients of $215,000 over 18 months on the pretext of helping them invest in a fixed deposit promotion that UOB was offering, or buying an insurance policy. She instructed them to pass her cash or transfer funds to a bank account which she claimed was used for the fixed deposit promotion. In fact, the funds were transferred into Ms Ng’s personal bank account. She also forged the signatures of two clients on insurance application forms. Ms Ng was convicted of cheating and forgery under the PC, and was sentenced to 20 months’ imprisonment in April 2019.

5-year prohibition orders issued against Mr Aloysius Zephaniah Lim Bing Hong

7     Mr Lim is prohibited for a period of 5 years from (i) providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA; and from (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the IA.

8     Mr Lim cheated a client of close to $10,000 by misleading the client to transfer monies to him under the pretext of paying for insurance policies when those policies had already lapsed. Even after Mr Lim had left PACS, he continued to falsely hold himself out as a representative for nearly two more years, during which time he continued to deceive the client into transferring money to him.

9     In March 2018, Mr Lim was convicted of cheating offences under the PC, and was sentenced to 14 weeks’ imprisonment. 

5-year prohibition orders issued against Mr Joseph Michael

10    Mr Michael is prohibited for a period of 5 years from (i) providing financial advisory services, or taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA; and from (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the IA.

11    In August 2016, Mr Michael was convicted of criminal breach of trust under the PC. He had misappropriated approximately $15,000 from a client under the pretext that the money would be used to pay for insurance premiums. He was sentenced to 10 weeks’ imprisonment.

12    Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said: “Those who provide financial services to the public must be trustworthy.  The four individuals convicted abused the trust that their customers placed in them, and enriched themselves at their customers’ expense.  MAS will not tolerate such behaviour and will take decisive action to keep such individuals out of the industry.”

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