Former agent receives eight-year industry ban in Singapore | Insurance Business Asia
The Monetary Authority of Singapore (MAS) has issued eight-year prohibition orders (POs) against Selvarajulu s/o Subramaniam, a former representative of The Great Eastern Life Assurance Company, after he was convicted of cheating.
The POs, which take effect today, prohibit Selvarajulu from providing any financial advisory services, and from taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001, the MAS said. He is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.
In September 2021, Selvarajulu was convicted of four counts of cheating, having defrauded nine customers for a total of $G58,000 between September 2017 and July 2019. Another seven counts of cheating were taken into consideration, and he was sentenced to 17 months’ imprisonment.
In two of the victims’ cases, they were made to believe that they would be able to reinstate the cash value of their policies through a “refunding plan”, which was in fact a policy loan. Selvarajulu later instructed them to transfer part of the monies they had received from the policy loan to him.
One victim was made to believe that he was required to pay penalty fees to keep his Great Eastern insurance policies active, but Selvarajulu pocketed the money. Another victim was deceived into giving Selvaraju money, after the fraudster said he was being treated for lung cancer.
“Mr Selvarajulu’s convictions gave MAS reason to believe that he has not performed, and will not perform, the type of financial advisory service for which he was appointed honestly,” the regulator said.