MAS imposes prohibition order against ex-Prudential rep for false invoices
Mengting submitted 11 false invoices to Prudential to aid her clients' accident injury claims.
The Monetary Authority of Singapore (MAS) imposed a five-year prohibition order (PO) against Huang Mengting, a former representative of Prudential Assurance Company Singapore.
Between July 2019 and November 2020, Mengting submitted 11 false invoices to Prudential to aid her clients' accident injury claims, resulting in a deceptive payout of $3,287.82.
This led to her conviction of four counts of cheating under section 417 of the Penal Code, and she was sentenced to six weeks' imprisonment on 26 September 2022.
The POs were issued due to Mengting’s conviction for cheating offences and raised concerns about her ability to provide honest financial advisory services.
Effective from 19 July, the POs prohibit Mengting from engaging in any financial advisory services and from holding management positions, acting as a director, or becoming a substantial shareholder in any financial advisory firm under the Financial Advisers Act.
She is also barred from conducting business as an insurance intermediary and participating in its management under the Insurance Act.