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FINANCIAL SERVICES | Staff Reporter, Singapore

MAS slaps former Great Eastern Life rep with 4-year service ban

Chan Seet Fun misappropriated client monies worth $12,900 to pay personal debts.

The Monetary Authority of Singapore (MAS) issued four-year prohibition orders against Chan Seet Fun, a former representative of The Great Eastern Life Assurance Company Limited (GE), for the misappropriation of client monies.

The orders prohibit Chan from providing any financial advisory service and taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. She is also prohibited from carrying on business as and taking part in the management of, any insurance intermediary under the Insurance Act.

Between August and December 2003, Chan misappropriated $12,900 entrusted to her by a client as payment to GE for premiums and interest charges and used them to pay her personal debts instead.

In 2015, the client was made aware of the premiums and interest charges he owed to GE. “He filed a complaint with GE in 2016. GE subsequently conducted investigations and reported the matter to the Police,” MAS said.

On 29 November 2017, Chan was convicted and fined $6,000 for criminal breach of trust under section 406 of the Penal Code (Cap. 224). 

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