MAS issues Prohibition Orders against Ms Madison Lin following conviction for forgery
Singapore, 30 May 2023… The Monetary Authority of Singapore (MAS) has issued 2-year prohibition orders (POs) against Ms Madison Lin (formerly known as Ms Lin Pei Li), a former representative of Standard Chartered Bank (Singapore) Limited (SCB). The POs were issued following her conviction in the State Courts for 1 count of forgery.
2Under the POs, which took effect from 30 May 2023, Ms Lin is 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 (SFA). She is also 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 licensed or exempt financial adviser under the Financial Advisers Act 2001 (FAA).
3Around June 2013, Ms Lin forged an SCB Statement of Accounts of one SCB client by fraudulently altering the first page of the said Statement of Accounts to show that the account holder was another SCB client instead.
4On 20 August 2021, Ms Lin was convicted of 1 count of forgery under section 465 of the Penal Code. She was sentenced to a fine of $4,000.
5Ms Lin’s conviction gave MAS reason to believe that she has not performed and/or will not perform the type of financial advisory service for which she was appointed under the FAA honestly. It also gave MAS reason to believe that she has not carried on and/or will not carry on business in the type of regulated activity for which she was appointed under the SFA honestly.
Section 465 of the Penal Code (Cap. 224, Rev Ed 2008)
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.