MAS issues Prohibition Orders against Tan Peng Khoon for fraud
Singapore, 24 January 2018… The Monetary Authority of Singapore (MAS) has issued prohibition orders against Mr Tan Peng Khoon. Mr Tan will be prohibited for a period of 8 years from:
(i) carrying on business and taking part in the management of any insurance intermediary under the Insurance Act; and
(ii) providing any financial advisory service, and taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.
2 Mr Tan is a former representative of AIA Singapore Private Limited (AIA). Whilst a representative of AIA, Mr Tan deceived an AIA customer, who did not understand English, into signing documents to surrender a personal life policy for a cash value of $2,018 and to take a policy loan of $6,500. Using these documents, he cheated AIA into giving him two cheques, issued in his customer’s name for the total sum of $8,518. Mr Tan then arranged for the customer to make him a joint holder of her bank account by falsely representing that he intended to deposit monies from fees due to him into the account to repay a loan owed to the customer. This allowed him to deposit AIA’s cheques into the joint account, and withdraw the proceeds in cash.
3 On 27 April 2015, he was convicted in the State Courts of Singapore of charges under section 420 and section 468 of the Penal Code. He was sentenced to 18 months’ imprisonment on 27 November 2015.
4 The prohibition orders against Mr Tan were issued by MAS pursuant to section 35V of the Insurance Act and section 59 of the Financial Advisers Act and took effect from 24 January 2018.
Notes to Editor
(A) Section 420 of the Penal Code
Whoever cheats and thereby dishonestly induces the person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.
(B) Section 468 of the Penal Code
Whoever commits forgery, intending that the document or electronic record forged shall be used for the purpose of cheating, shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.