Compliance
Compliance Corner β Monetary Authority Of Singapore Imposes 15-Year Prohibition Order
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Monetary Authority of Singapore
The Monetary
Authority of Singapore has imposed 15-year prohibition orders
against former United Overseas Bank and OCBC representative Han
Delong.
MAS acted after Han Delong was convicted for criminal breach of trust, cheating, forgery, and transferring and converting the benefits of his criminal conduct.
Under the orders, which took effect on 7 December, Han is banned from providing any financial advisory service, 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.
Han is also prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the Securities and Futures Act 2001.
Between February 2015 and April 2018, Han deceived seven customers into transferring S$1,969,000 ($1,452,185) to his personal bank accounts, by promoting fictitious fixed deposits and other investment products to the customers. He forged bank documents to give the impression that the transactions were genuine. Han used the monies cheated from the victims for his own benefit, including transferring some to his brother and former girlfriend, and repaying other victims. These offences took place while Han was employed as a representative for UOB and OCBC and even after he left the employment of both banks.
On 9 April 2021, Han pleaded guilty and was convicted by the State Courts of 27 charges, namely five counts of criminal breach of trust, seven counts of cheating, one count of forgery with the intent to cheat under the Penal Code, and 14 counts of transferring property which were benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Another 67 charges were taken into consideration for the purposes of sentencing. Han was sentenced to seven yearsβ imprisonment.
