MAS bans ex-Prudential agent and ex-Bank of Singapore staff for fraud, dishonest conduct
19 Aug 2020

The Monetary Authority of Singapore (MAS) has issued five-year and three-year prohibition orders against former insurance agent Aw Yong Seng and former bank employee Johnny Chew Swee Sun respectively, for fraud and dishonest conduct.

MAS on Wednesday said it issued the orders, which took effect on Aug 18, after the two men were convicted in the State Courts of Singapore. The two court cases were not related to each other.

Aw was a representative of Prudential Assurance Company Singapore.

In June 2017, he forged a document purporting to be an official receipt issued by Prudential.

His client had earlier entrusted him with about S$25,000 in cash to be paid to Prudential as the annual premium for the client’s policy. Instead of handing over the payment to the insurer, Aw used the money for his own purposes. He thus forged the receipt to lead his client to believe that the premium had been paid to Prudential.

Aw was convicted of forgery under the Penal Code and sentenced to four months’ imprisonment. He has also made full restitution of the sum to Prudential, and the client’s policy was reinstated.

Under the MAS prohibition order, he is banned for five years from providing any financial advisory services or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

Aw is also not allowed to carry on business as, or take part in the management of, any insurance intermediary under the Insurance Act.

The other individual, Chew, was a representative of Bank of Singapore.

Chew undertook a scheme to defraud securities firm IG Asia between April and December 2012. He placed false orders for securities in three Singapore Exchange-listed counters, in his personal capacity using his personal trading accounts as well as accounts belonging to his relatives and a friend.

By Fiona Lam, The Business Times, 19 August 2020

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