MAS issues 10-yr prohibition order versus DBS' ex-manager for wealth planning

The charges were based on convictions involving fraud and forgery.

Crime did not pay once again as Loh Thim Mun Marcus, a former DBS wealth planning merger, was issued a ten-year prohibition order from the Monetary Association of Singapore (MAS).

Under the order, which took effect on 16 March, Loh is prohibited from providing financial advisory services or taking part of any financial advisory firm under the Financial Advisers Act 2001. This also includes performing any regulated activity or taking part of any capital markets services firm under the Securities and Futures Act 2021.

Previously, Loh, a DBS representative at the time, was found guilty of manipulating seven clients into transferring a total of $490,000 to his personal account. These clients were also informed that their money was being placed in fixed deposit accounts with the bank. 

Another instance also occurred with Loh telling a client that he could take part in a DBS share ownership scheme through him. He would then forge a letter confirming the placement of the client’s funds in the scheme. 

On 6 January, Loh was convicted of cheating and forgery offences under the Penal Code, as well as an offence of using the benefits of his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes Act. 

Due to this, he was sentenced to 33 months imprisonment. 

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

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!