Former insurance agent gets 8-year prohibition orders after misappropriating S$117,000

SINGAPORE: The Monetary Authority of Singapore (MAS) has issued eight-year prohibition orders towards a used Prudential insurance protection agent following his conviction for prison breach of have confidence offences.

Under the prohibition orders, which took raise out on Thursday (Apr 18), Gng Hoon Hong is now not allowed to present any monetary advisory services.

The used representative of Prudential Assurance Company Singapore is furthermore prohibited from collaborating in the management, appearing as a director, or turning proper into a mountainous shareholder of any monetary advisory agency under the Monetary Advisers Act, stated MAS in a media free up.

“He is furthermore prohibited from carrying on industry as, and from collaborating in the management of, any insurance protection intermediary under the Insurance Act,” it added.

MAS furthermore stated that Gng’s offences gave it motive to evaluate that “he’ll now not imprint monetary advisory services basically”.

On Dec 7, Gng became convicted of three counts of prison breach of have confidence, with three other prison breach of have confidence fees taken into consideration. He became sentenced to twenty months’ penitentiary.

Fixed with MAS, Gng misappropriated a whole of S$117,160.94 (US$86,210) between March 2012 and July 2018. His client had entrusted him with the money to pay for insurance protection premiums.

Gng dilapidated the money for his devour costs instead of paying Prudential, causing three of his client’s insurance policies to lapse.

When confronted by his client, Gng presented a forged printout purportedly from Prudential’s web jam which falsely stated that one in all the lapsed insurance policies became in power, stated MAS.

Fixed with a file by TODAY, Gng dilapidated his client’s money to succor pay for his residence renovation, groceries, vehicle instalment and on a regular basis costs. He did this on 32 times over about six-and-a-half years.

He became arrested in February 2021 and later claimed that he had misappropriated the money as a result of monetary difficulties, stated the file.