The Monetary Authority of Singapore (MAS) has issued prohibitions orders against three bankers who worked for HSBC, UOB and NTUC Income, after their convictions in court for violations involving fraud and dishonesty.
Emeline Tang, formerly a senior vice-president with HSBC, was given a 20-year ban for deceiving five individuals, including her own family member, into handing over more than $5m on the pretext of making fixed deposits into their HSBC accounts on their behalf, and later giving forged documents as proof of these deposits.
For using the proceeds of her crime, Tang was sentenced to 10 years and 6 months imprisonment after being convicted of cheating and forgery offences under the Penal Code.
MAS imposed POs of considerable duration against these individuals as they had abused their position of trust by engaging in criminal conduct at the expense of their customers. Their egregious misconduct caused considerable monetary losses to the victims"
Former UOB employee Nguyen Duy Minh was banned for 12 years and John Koh, previously at NTUC Income Insurance Co-operative, was barred for 10 years, from providing financial advisory services, the statement said.
Nguyen, who has been sentenced to three years and nine months in jail, sold fake financial products to customers and forged documents to buy financial products without their knowledge, according to the statement. Koh misappropriated insurance premiums amounting to about S$500,000 collected from 11 customers, and has been sentenced to four years in jail, the MAS said.
Lee Boon Ngiap, MAS assistant managing director (Capital Markets), said: "MAS imposed POs of considerable duration against these individuals as they had abused their position of trust by engaging in criminal conduct at the expense of their customers. Their egregious misconduct caused considerable monetary losses to the victims."
He added that MAS will act firmly and decisively against financial services professionals who undermine consumers' trust and work to keep such unsuitable persons out of the industry.