Former Singapore insurance agent slapped with industry ban

Representative was found to have used client's money for personal purposes

Former Singapore insurance agent slapped with industry ban

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has issued a five-year prohibition order against Aw Yong Seng for fraud and dishonest conduct.

The order forbids Aw, a former representative of Prudential Assurance Company Singapore, from providing any financial advisory services or acting as part of the management of any financial advisory firm, including insurance intermediaries.

According to the MAS, in June 2017, Aw forged a document purporting to be an official receipt issued by Prudential. The forgery aimed to deceive a client that had entrusted Aw with approximately SG$25,000 to be paid to Prudential as the annual premium for the client’s policy. Instead of paying the premium, Aw was found to have used the money for personal purposes.

After the deception came to light, Aw returned the amount to Prudential and the client’s policy was reinstated. Aw was convicted of forgery and sentenced to four months’ imprisonment.

Meanwhile, in an unrelated case, the MAS also banned Johnny Chew Swee Sun, a former representative of Bank of Singapore, for three years. Between April 2012 and December 2012, Chew employed a scheme to defraud securities firm IG Asia by placing false orders for securities in three SGX-listed counters. Chew was convicted of fraud and unauthorized trading in securities, and was sentenced to eight weeks in prison.

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