The Monetary Authority of Singapore has issued prohibition orders against two former bank employees and a former insurance agent for fraudulent and dishonest conduct.

The individuals are: Ms Emeline Tang Wei Leng, a former representative of the Hong Kong and Shanghai Banking Corporation Ltd (HSBC) who has been banned from financial services for 20 years; Mr Nguyen Duy Minh, a former representative of United Overseas Bank who has been banned for 12 years; and Mr Koh Zhan Loong John, a former representative of NTUC Income Insurance Co-operative Ltd who has been banned for 10 years.

The regulator issued the orders after the three had been convicted in the State Courts of Singapore for offences involving fraud and dishonesty. The three court cases are not related to one another.

Ms Tang's order bans her from (i) providing any capital markets and financial advisory services under the Securities and Futures Act (SFA) and the Financial Advisors Act (FAA); and (ii) taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market and financial advisory services firm in accordance with those two Acts.

She deceived five HNW clients into handing over more than $5 million, claiming that she was going to place the monies into fixed deposit accounts with HSBC on their behalf. She gave them forged documents to convince them that their monies had been deposited. In June 2018, Ms Tang was convicted of cheating and forging, plus other offences to be found in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act that she committed when using the proceeds of her crime. She was sentenced to 10 years and 6 months’ imprisonment.

Mr Nguyen is prohibited from providing financial advisory services, acting as a director an/or becoming a substantial shareholder of any financial advisory firm in accordance with the FAA.

He sold fictitious financial products to his HNW customers and forged documents to purchase financial products without their knowledge. He also misappropriated monies that an HNW customer had entrusted to him instead of depositing them in the customer’s bank account as instructed. Mr Nguyen’s actions caused eight customers to lose approximately $500,000. In June 2018, he was convicted of offences involving cheating, forgery, criminal breach of trust and much else. He was sentenced to 3 years and 9 months’ imprisonment.

Mr Koh Zhan Loong John is prohibited from (i) providing financial advisory services, acting as a director, or becoming a substantial shareholder of any financial advisory firm in accordance with the FAA; and (ii) carrying on business as an insurance intermediary under the Insurance Act.

He misappropriated insurance premiums amounting to approximately $500,000, which he had collected from 11 customers. In June 2018, he was convicted of one charge of criminal breach of trust and sentenced to 4 years’ imprisonment.