SINGAPORE: The Monetary Authority of Singapore ( MAS ) on Tuesday ( Nov 26 ) issued 14-year prohibition orders to a former UOB employee, following his conviction for cheating, forgery and acquiring benefits of criminal conduct offences.
Additionally, Loh Sheng Yang, who was charged with the crimes, gave a reason for doubt that he would not provide financial advice and investment markets providers deftly, according to MAS.  ,
On Feb 15, Loh was convicted of , nine charges- seven counts of lying, one count of fraud and one matter of acquiring benefits of legal conduct- with another 13 charges taken into consideration. He received a five-year, eight-month prison sentence.
According to MAS, Loh defrauded a total of 17 victims of more than S$ 1 million ( US$ 722, 420 ) by convincing them to sign up for fictitious UOB fixed and structured deposit products between June 10 and February 6 2023.
” He then instructed the patients to move monies to him, in money and to different lender accounts, for the position of the alleged deposits”, it added. Some sufferers received fake documents to persuade them that their money had been deposited with the bank, according to the report.
Loh started committing the crimes while working as a representative for UOB, according to MAS, who claimed he later used the funds he received from the survivors to fund virtual gambling.
Perhaps after he was suspended by UOB and while the officers investigated him, this continued.
Under the ban requests, which took effect on Tuesday, Loh is not allowed to provide any monetary consulting services.
He is also , prohibited from , taking part in the administration, acting as a producer, or becoming a large stockholder of any financial expert organization under the Financial Advisers Act, said MAS.
Loh is also prohibited from performing any governed action and from taking part in the administration, acting as a producer, or becoming a large shareholder, of any capital markets services firm under the Securities and Futures Act, Singapore’s key bank added.
In response to CNA’s questions, UOB said it suspended Loh instantly once it was conscious of his reported misconduct, and dismissed him in January 2023.  ,
” We have also rendered immediate aid to patients and helped police in their analysis”, the lender added.  ,
UOB said it , takes a “zero tolerance strategy against any company’s intentional acts of misbehavior and violation of the company’s code of conduct, which… requires all employees to preserve the highest professional and social standards”.
The lender added that it had also strengthened its internal processes, including improving staff monitoring and employee access, as well as.