Central bank issues prohibition orders vs ex-representatives for cheating offences
They are facing offences under section 417 and section 116(1) of the Penal Code.
The Monetary Authority of Singapore (MAS) issued five-year prohibition orders (POs) against two former representatives of insurance and investment firms over convictions in State Courts for cheating offences.
In a statement, MAS identified the ex-representatives as Quek Puay Yi, Patricia and Huang Hsin Tian Silver.
The POs were issued following their convictions in the State Courts for cheating offences.
With effect from 16 October 2023, Quek and Huang are banned from “providing any financial advisory services, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act 2001.”
They are also barred “from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.”
In July 2020, Quek bought an insurance policy from Manulife (Singapore) Pte Ltd (Manulife) with Huang’s assistance, after sustaining a leg injury in an accident.
Once the policy came into force, they submitted a claim of $1,128.57 to Manulife for Ms Quek’s leg injury, even though the accident had taken place before Quek applied for the Manulife policy.
Manulife discovered the fraudulent insurance claim before any payout was made.
In May 2022, Quek and Huang were each convicted of one count of cheating with abetment under section 417 and section 116(1) of the Penal Code.
They were sentenced to two weeks’ and one-week imprisonment respectively. Quek and Huang’s convictions have given MAS reason to believe that they have not, and will not, honestly perform the type of financial advisory service for which they were appointed.