A Singaporean court has sentenced a former AIA insurance agent to eight years of imprisonment for cheating an elderly couple of US$6.4m or S$8.89 in a span of six years.
Top insurance agent Sally Low Ai Ming got her jail term after recently pleading guilty to five charges, including three counts of cheating and one count of using a forged document, Channel News Asia
According to the report, Low sold a fake policy to Ong Han Ling, 78, and his wife, 77, for several million dollars.
Low used part of the money to buy additional policies for the couple without their knowledge or consent, obtaining over SG$200,000 in commissions.
She later transferred parts of the stolen money to an associate and to her company in British Virgin Islands. She also bought condominiums at Cairnhill and Sentosa Cove.
District Judge Shawn Ho said Low had violated her clients’ trust – “the lifeblood of a financial advisor-client relationship,” Channel News Asia
said in an online report.
“Simply put, (Low) exploited her expertise to take advantage of her clients’ trust, in order to reap a fortune”, the report quoted the judge as saying.
The report said Low has agreed to pay about SG$4.33 million to the couple.