The bans took effect from 5 April following the convictions in the Singapore courts.
Thursday 11, April 2019
Bloomberg) --Singapore has meted out lengthy bans to convicted former HSBC Holdings and United Overseas Bank (UOB) bankers for fraud and dishonest conduct.
In a statement, the Monetary Authority of Singapore (MAS) said that Emeline Tang, a former HSBC employee, was banned from providing any capital markets and financial advisory services for 20 years, while Former UOB employee Nguyen Duy Minh was banned for 12 years and John Koh, previously at NTUC Income Insurance Co-operative was barred for 10 years from providing financial advisory services.
Tang, who has been sentenced to 10 years and six months in jail, cheated five people into handing over more than S$5 million ($3.7 million) on the pretext of placing the money in fixed deposit accounts with the bank, MAS said.
Additionally, Nguyen, who has been sentenced to three years and nine months in jail, sold fake financial products to customers and forged documents to buy financial products without their, while Koh misappropriated insurance premiums amounting to about SGD 500,000 collected from 11 customers and has been sentenced to four years in jail.
Lee Boon Ngiap, MAS’s Assistant Managing Director for Capital Markets, said, “Their egregious misconduct caused considerable monetary losses to the victims, MAS will act firmly and decisively against financial services professionals who undermine consumers’ trust and work to keep such unsuitable persons out of the industry.”
MAS has sanctioned numerous bankers in recent years for offences related to the scandal at, Malaysia’s state-owned investment fund (1MDB).