MAS issues Prohibition Orders against Ms Quek Puay Yi, Patricia and Ms Huang Hsin Tian Silver for Cheating
Singapore, 16 October 2023… The Monetary Authority of Singapore (MAS) has issued 5-year prohibition orders (POs) against Ms Quek Puay Yi, Patricia, a former representative of AIA Singapore Private Limited, and Ms Huang Hsin Tian Silver, a former representative of Professional Investment Advisory Services Pte Ltd. The POs were issued following their convictions in the State Courts for cheating offences.
2With effect from 16 October 2023, Ms Quek and Ms Huang are prohibited from providing any financial advisory services, 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. They are also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.
3In July 2020, Ms Quek purchased an insurance policy from Manulife (Singapore) Pte Ltd (Manulife) with Ms Huang’s assistance, after sustaining a leg injury in an accident. Once the policy came into force, they submitted a claim of $1,128.57 to Manulife for Ms Quek’s leg injury, despite knowing that the accident had taken place before Ms Quek applied for the Manulife policy. Manulife discovered the fraudulent insurance claim before any payout was made.
4In May 2022, Ms Quek and Ms Huang were each convicted of one count of cheating with abetment under section 417 and section 116(1) of the Penal Code. They were sentenced to two weeks’ and one week imprisonment respectively. Ms Quek and Ms Huang’s convictions have given MAS reason to believe that they have not, and will not, honestly perform the type of financial advisory service for which they were appointed.
Section 417 of the Penal Code (Cap. 224, 2008 Rev Ed)
Under this section, whoever cheats shall be punished with imprisonment for a term which may extend to 3 years, or with fine, or with both.
Section 116(1) of the Penal Code (Cap. 224, 2008 Rev Ed)
Whoever abets an offence punishable with imprisonment shall, if that offence is not committed in consequence of the abetment, and no express provision is made by this Code or any other written law for the punishment of such abetment, be punished in the same manner as if the abettor had committed the offence.