, Singapore
167 views
Photo from MAS

MAS issues 12-year ban on former Manulife rep over cheating offences

The rep tricked 25 victims into sending him over $1.2m for a fake investment.

The Monetary Authority of Singapore (MAS) slapped a 12-year prohibition order (PO) against Ong Ka Yong, a former representative of Manulife Financial Advisers, for cheating offences.

The PO, which took effect on 22 April, bars Ong from providing any financial advisory services, participating in the management, serving as a director, or holding a substantial shareholding in any financial advisory firm, as stipulated under the Financial Advisers Act.

In August 2023, Ong was convicted of 11 counts of cheating under section 417 of the Penal Code, with an additional 14 related charges considered during sentencing. The State Court sentenced Ong to 47 months’ imprisonment on 4 September 2023.

MAS reported that between April 2020 and October 2021, Ong deceived 25 victims into transferring over $1.2m to him for fictitious investment opportunities purportedly offered by Manulife and another private company.

RELATED: MAS issues 8-year prohibition orders to ex-Prudential rep 

Follow the link 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!

Event News

Event News

SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd Cards & Payments
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.
Cards & Payments SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.