Following his conviction for criminal breach of trust offenses, the Monetary Authority of Singapore ( MAS ) has issued eight-year prohibition orders against a former Prudential insurance agent.
Gng Hoon Hong is prohibited from providing any financial advisory services under the prohibition orders, which came into effect on Thursday ( Apr 18 ).
Additionally, the original member of Prudential Assurance Company Singapore is prohibited from ; MAS in a press release stated that it would take part in the administration, act as a producer, or become a significant investor of any financial consulting firm under the Financial Advisers Act.
Under the Insurance Act, he is also prohibited from conducting business as or participating in the control of any plan entity.
Gng’s crimes, according to MAS, gave the agency reason to believe that “he wo n’t provide financial advisory services honestly.”
On Dec 7, Gng was three other legal breaches of faith charges are taken into account in addition to the three already-convicted. He was sentenced to 20 times ’ prison.
According to MAS, Gng misappropriated a total of S$ 117,160. 94 ( US$ 86,210 ) between March 2012 and July 2018. His clientele had given him the funds to pay insurance rates.
Gng used the money for his own expenditures rather of paying Prudential, causing three of his employer’s policies to fall.
When confronted by his customer, Gng presented a fictitious printout that purportedly came from Prudential and falsely stated that one of the fell policies was in effect, according to MAS.
According to a record by TODAY, Gng used his client’s money to help compensate for his home construction, groceries, car payment and everyday expenses. He did this on 32 times over about six-and-a-half times.
He was detained in February 2021, according to the review, and eventually claimed that due to financial difficulties, he had misappropriated the funds.