SINGAPORE — The Monetary Authority of Singapore (MAS) has imposed an eight-year professional ban on a former Prudential insurance agent for criminal breach of trust, effective Thursday (April 18).
Gng Hoon Hong was convicted by the state courts for his actions – in December he was sentenced to 20 months in prison after pleading guilty to three counts of criminal breach of trust. MAS has “reason to believe that he will not conduct his financial advisory services honestly,” the central bank said in a statement.
Gng is “prohibited under the Financial Advisers Act from offering financial advisory services, participating in the management of any financial advisory firm, acting as a director or becoming a substantial shareholder of any such firm,” MAS said.
“He is also prohibited under the Insurance Act from carrying on business as an insurance broker or from participating in the management of such an insurance broker,” it added.
3 cases of criminal breach of trust
According to MAS, the investigation revealed that between March 2012 and July 2018, Gng embezzled a total amount of S$117,160.94 entrusted to him by his client. The money was to be used to pay the client’s insurance premiums to Prudential.
Gng did not pay Prudential but used the money for its own expenses. This resulted in the lapse of three of the client’s policies.
“When confronted by his client, Gng produced a fake printout purporting to be from Prudential’s website, falsely claiming that one of the expired policies was still valid,” MAS said.
Under Section 406 of the Penal Code (Cap. 224, 2008 Rev Ed), anyone who commits an offence of breach of trust shall be punishable with imprisonment for a term which may extend to seven years or with a fine, or with both.
Follow us on on facebook., Instagram, TikTok And Þjórsárdalur.
