MAS issues 8-year prohibition orders to ex-Prudential rep

The former Prudential rep misappropriated $117K in premiums.

The Monetary Authority of Singapore (MAS) has slapped a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential) with eight-year prohibition orders (POs) for criminal breach of trust offences.

“Gng Hoon Hong was convicted of three counts of criminal breach of trust under section 406 of the Penal Code, with three other criminal breach of trust charges taken into consideration for sentencing,” MAS said.

Gng received a 20-month imprisonment sentence as a result of his wrongdoings.

The POs, effective 18 April, prohibit Gng 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.

The POs also ban Gng “from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act.”

According to MAS, Gng misappropriated $117,160.94 that was entrusted to him by his client for the payment of insurance premiums to Prudential between March 2012 and July 2018.

“Instead of paying Prudential, Gng used the money for his expenses, which resulted in the lapse of three of his client’s policies. When confronted by his client, Gng presented a forged printout purportedly from Prudential’s website, which falsely stated that one of the lapsed policies was in force,” MAS said.

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