The Monetary Authority of Singapore has issued prohibition orders against four former financial advisors for fraudulent and dishonest conduct.

The four are Mr Teh Chin Hong, a former representative of The Great Eastern Life Assurance Company Ltd (prohibited for 9 years from giving advice and performing other functions in financial services), Ms Ng Wei Ling, a former representative of United Overseas Bank Ltd (8 years), Mr Aloysius Zephaniah Lim Bing Hong, a former representative of Prudential Assurance Co Singapore (5 years) and Mr Joseph Michael, a former representative of GE (5 years).

The orders, now in effect, were issued against the four after their convictions in the State Courts of Singapore for offences involving fraud and dishonesty.

Mr Teh misappropriated and cheated seven clients out of about S$350,000 over a period of 3 years on the pretext of helping them to invest their monies or pay for their insurance premiums. For criminal breach of trust, cheating and forgery he was convicted in March last year and was sentenced to 34 months’ imprisonment.

Ms Ng cheated seven clients of S$215,000 over a period of 18 months on the pretext of helping them invest in a fixed-deposit promotion that UOB was offering, or buying an insurance policy. She instructed them to pass her cash or transfer funds to a bank account which she claimed was used for the fixed deposit promotion. In fact, the funds found their way into her own bank account. She also forged the signatures of two clients on insurance application forms. She was convicted of cheating and forgery under the PC, and was sentenced to 20 months’ imprisonment in April.

Mr Lim cheated a client of nearly S$10,000 by inducing him or her to transfer monies to him on the pretext of paying for insurance policies which had actually already lapsed. Even after Mr Lim had left PACS, he continued to hold himself out falsely as a representative for nearly two more years, during which time he continued to deceive the client into transferring money to him. In March last year he was convicted of cheating offences under the Penal Code and was sentenced to 14 weeks’ imprisonment.

In August 2016, Mr Michael was convicted of criminal breach of trust under the Penal Code. He had misappropriated approximately S$15,000 from a client under the pretext that the money would be used to pay for insurance premiums. He was sentenced to 10 weeks’ imprisonment.