Singapore’s regulator, MAS has banned 2 former employees of OCBC and UOB for fraud & dishonest conduct. The prohibition order took effect on October 29, 2020.
October 30, 2020 | AtoZ Markets – The Monetary Authority of Singapore (MAS) Friday issued prohibition orders (POs) against two former bank employees for fraud and dishonest conduct. The prohibition, which took effect from Thursday, follows their convictions in the State Courts of Singapore.
The two individuals are Lu Chor Sheng, a former Oversea-Chinese Banking Corporation Limited (OCBC) treasury advisor, and Timothy Tan Swee Thiam, a former UOB relationship manager. According to the MAS press statement, both court cases were not related.
MAS banned OCBC Lu Chor Sheng over unauthorized FX trades
Lu was convicted of abetment of cheating under the Penal Code, unauthorized modification of the contents of OCBC’s system under the Computer Misuse Act, and offenses under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. He was sentenced to 100 months’ imprisonment.
Lu engaged in unauthorized Forex trades between January 2011 and June 2013. As a result, OCBC suffered a total loss of about S$3.1 million. However, he made a profit of about S$1.1 million from his misconduct and used the monies to buy foreign currencies as well as repay debts.
Lu is banned from performing any regulated activity under the Securities and Futures Act (SFA) and from providing any financial advisory service under the Financial Advisers Act (FAA) for 17 years. He is also prohibited from partaking in the management, act as a director, or become a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
Timothy Tan sentenced for unauthorized Internet bank transfers
MAS has also imposed a nine-year prohibition order against Tan. He was convicted of criminal breach of trust under the Penal Code and offenses under the Computer Misuse Act. As a result, Tan was sentenced to 30 months’ imprisonment.
Tan made unauthorized Internet bank transfers between March 2015 and January 2016 amounting to about S$263,500 from his friend’s UOB account to his personal bank account in order to pay for his living expenses. The friend had entrusted her UOB bank accounts, Internet banking security token, and UOB ATM card to him.
Tan is prohibited from performing any regulated activity under the SFA and from providing any financial advisory service under the FAA. He is also banned from partaking in the management, act as a director, or become a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
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