SINGAPORE: The Monetary Authority of Singapore (MAS) on Thursday (Jun 1) issued five-year prohibition orders against six former agents of Great Eastern Financial Advisers (GEFA) for fraudulent and dishonest conduct.
This follows the convictions of Chan Jun Yi, Chanel Quah Hui Wen, Lim Zhan Yi, Sherlin Chia Hee Ping, Jackie Tang Hong Kong and Yvonne Quah for tax evasion, said MAS in a news release.
“Between April 2018 and April 2019, the six former agents, who were part of the same team in GEFA, engaged a third party to assist them in falsely inflating their business expenses for their income tax returns,” said MAS.
The false expenses were allocated into two categories – “general expenses” and “commission paid to introducers”. The false entries reduced their income taxes by S$124,648 (US$92,000) for the 2018 and 2019 assessment years.
The amount involves the total tax undercharged in both proceeded charges and charges taken into consideration for the six of them, said MAS, adding that the amount of tax undercharged in the proceeded charges was S$92,638.
They were given four days’ to eight weeks’ jail and fined between S$7,965 to S$113,829.02 on Sep 16, 2022.
They were referred by the Inland Revenue Authority of Singapore to MAS for regulatory action.
“MAS has issued five-year POs to all six individuals as each of them had actively participated in the scheme to cheat IRAS,” it said.
“Their convictions for falsifying expense claims in income tax returns gave MAS reason to believe that they will not perform financial advisory services honestly.”
Under the prohibition orders, which took effect on Thursday, the former insurance agents are prohibited from providing any financial advisory service, taking part in the management, acting as director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001, said MAS.
They are also banned from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.