MAS bans ex-financial advisor for fraud and dishonesty

MAS bans ex-financial advisor for fraud and dishonesty | Insurance Business Asia

MAS bans ex-financial advisor for fraud and dishonesty

The Monetary Authority of Singapore (MAS) has issued 10-year prohibition orders against former wealth planning manager Loh Thim Mun Marcus for fraudulent and dishonest conduct.

The ban comes after Loh, a former representative of DBS, was convicted in the State Courts for cheating, forgery and using the benefits of his criminal conduct. As a result, Loh will be barred from providing any financial advisory services and any other significant participation in the Singaporean financial advisory industry. He will also be prohibited from becoming part of any capital markets services firm under the MAS’s jurisdiction.

According to MAS, between October and November 2018, Loh deceived seven clients into transferring a total of SG$490,000 to his personal bank account. Loh led some of these clients to believe that their money was placed in fixed deposit accounts with DBS. Loh also told a client that he could help them participate in a DBS share ownership scheme and forged a letter to make it appear that the client was part of the scheme. Loh then used part of the money to participate in illegal online gambling.

On Jan. 6, 2021, Loh was convicted of cheating and forgery offences, as well as using the benefits of his criminal conduct in violation of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.  He was sentenced to 33 months in prison.

“Mr Loh’s actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly,” the regulator said. “While Mr Loh is no longer an appointed representative in Singapore, the [prohibition orders] were issued against him to safeguard the integrity of Singapore’s financial sector.”