MAS issues 12-year ban on former Manulife rep over cheating offences
The rep tricked 25 victims into sending him over $1.2m for a fake investment.
The Monetary Authority of Singapore (MAS) slapped a 12-year prohibition order (PO) against Ong Ka Yong, a former representative of Manulife Financial Advisers, for cheating offences.
The PO, which took effect on 22 April, bars Ong from providing any financial advisory services, participating in the management, serving as a director, or holding a substantial shareholding in any financial advisory firm, as stipulated under the Financial Advisers Act.
In August 2023, Ong was convicted of 11 counts of cheating under section 417 of the Penal Code, with an additional 14 related charges considered during sentencing. The State Court sentenced Ong to 47 months’ imprisonment on 4 September 2023.
MAS reported that between April 2020 and October 2021, Ong deceived 25 victims into transferring over $1.2m to him for fictitious investment opportunities purportedly offered by Manulife and another private company.
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