MAS slaps ban on four financial professionals over fraud

The orders were issued against 3 insurance agents and one bank employee.

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 four cases all involved insurance fraudulence, with identical methods of luring clients to pay for fake insurance policies.

Teh Chin Hong, a former representative of The Great Eastern Life, cheated seven clients for a total of $350,000 insurance premiums; Ng Wei Ling, former representative of United Overseas Bank (UOB), also cheated seven clients of $215,000 over 18 months on the pretext of helping them buy an insurance policy; Aloysius Zephaniah Lim Bing Hong, former representative of Prudential Assurance, persuaded a client to pay a close to $10,000 on a lapsed policy, whilst Joseph Michael committed the same misconduct, making a client pay $15,000 of insurance premiums.

A 9-year prohibition will be given to Teh, 8 years to Ng, and 5 years each for Lim Bing Hong and Michael. Each individual will also serve prison time in addition to the prohibition.