MAS imposes 9-year prohibition order on ex-OCBC rep for cheating

The prohibition order took effect on 19 August.

The Monetary Authority of Singapore (MAS) issued a 9-year prohibition order (PO) against a former representative of OCBC Bank, Mr. Hoi Wei Kit for misconduct.

Under the PO, effective 19 August, Hoi is banned 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 for nine years.

Between October 2017 and January 2018, Hoi defrauded five OCBC customers by inducing them to sign up for fictitious time deposit accounts that he claimed were offered by OCBC. This led to a total of $170,000 being transferred out of their respective OCBC accounts, which Hoi then arranged to be transferred into his own bank account.

Hoi was convicted on 21 February 2022 of five counts of cheating, one count of acquiring benefits from criminal conduct, and one count of giving false information to a public servant.

For the purpose of sentencing, three counts of cheating and ten counts of acquiring benefits from criminal conduct were also taken into consideration. Hoi was then sentenced to 30 months’ imprisonment.

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