Compliance
Compliance Corner – 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 years’ imprisonment.
