MAS issues Prohibition Order against Zeng Xuan for fraudulent and dishonest conduct
Singapore, 24 February 2022… The Monetary Authority of Singapore has issued a five-year prohibition order (PO) against Ms Zeng Xuan, a former representative of Oversea-Chinese Banking Corporation Limited, following her conviction in the State Courts for an offence involving fraud and dishonesty.
2Ms Zeng is prohibited 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 licensed or exempt under the Financial Advisers Act. The PO takes effect from 23 February 2022.
3In December 2017, Ms Zeng’s client asked her if additional premiums for his pre-existing medical condition could be waived, as he wanted to buy three policies. In order to meet her sales target, Ms Zeng lied to her client that additional premiums would not apply to his insurance policies despite knowing that the insurer had not agreed to the waiver. Ms Zeng also added a clause into the insurance application form to falsely state that her client had consented to the additional premiums. The premiums paid by the client went towards one policy, instead of three policies as the client was led to believe. Ms Zeng subsequently forged further documents when the client asked for documentation relating to the other two policies that he thought he had bought.
4 On 5 August 2021, Ms Zeng pleaded guilty and was convicted by the State Courts of one count of forgery under section 465 of the Penal Code. Ms Zeng was sentenced to two weeks’ imprisonment.
5The PO was issued against her in view of her conviction. Additionally, Ms Zeng’s conviction has given MAS reason to believe that she has not and will not perform financial advisory services honestly.
Section 465 of the Penal Code (Cap. 224, 2008 Rev Ed)
Under this section, whoever commits forgery shall be punished with imprisonment for a term which may extend to 4 years, or with fine, or with both.