MAS slaps 12-year ban on ex-Manulife rep for cheating

Ong Ka Yong was sentenced to 47 months’ imprisonment on 4 September 2023.

The Monetary Authority of Singapore (MAS) has issued a 12-year prohibition order against Ong Ka Yong, a former representative of Manulife Financial Advisers.

Effective 22 April 2024, Ong is prohibited from providing any financial advisory services. He is prohibited from taking part in the management, acting as a director, or becoming a substation shareholder of any financial advisory firm under the Financial Advisers Act.

ALSO READ: MAS eyes enhanced safeguards for elderly and non-english proficient financial clients

This follows after Ong was convicted of 11 counts of cheating under section 417 of the Penal Code. Fourteen (14) other cheating charges taken into consideration during the sentencing. Ong was sentenced to 47 months’ imprisonment on 4 September 2023.

Between April 2020 and October 2021, Ong reportedly deceived 25 victims to transfer over S$1.2m to him for fictitious investment opportunities.

Follow the link for more news on

Manulife

Monetary Authority of Singapore

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

Secondhand furniture gains traction as Singaporeans embrace circular economy practices

Singaporeans saved 21,970 tonnes of carbon emissions by purchasing secondhand furniture.

Healthcare

Institution of Engineers sets up new board to promote faster chartership registration

The board will also promote upskilling for engineering professionals.

Building & Engineering

Changi Airport Group boosts logistics capacity with new Nexus One facility

It will house two tenants including Expeditors.

Transport & Logistics

MoM underscores tripartite efforts to safeguard workers following Dyson layoffs

The ministry urges companies to work with unions.

HR & Education

Exclusives

Lorem Ipsum Singapore Business Review

The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.

1 day ago

Secondhand furniture gains traction as Singaporeans embrace circular economy practices

Singaporeans saved 21,970 tonnes of carbon emissions by purchasing secondhand furniture.

Healthcare

Lorem Ipsum 2