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Friday, October 30, 2020 – 4:30 pm
The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (OP) against two former bank employees for fraud and dishonest conduct, following their convictions in the Singapore State Courts. The purchase orders took effect on Thursday.
The two people are former OCBC Treasury Adviser Lu Chor Sheng and former UOB Relationship Manager Timothy Tan Swee Thiam. The two court cases were unrelated, MAS said Friday in a press release.
Lu was found guilty of complicity in cheating under the Penal Code, unauthorized modification of the content of the OCBC system under the Computer Misuse Act and crimes under the Corruption, Drug Trafficking and Other Serious Crimes Act (Confiscation of Profits) . He was sentenced to 100 months in prison.
Lu participated in unauthorized transactions between January 2011 and June 2013, causing OCBC to suffer a total loss of about S $ 3.1 million. He made a profit of around S $ 1.1 million for his misconduct and used the money to buy foreign exchange and pay off debts.
Lu is prohibited from conducting any activity regulated under the Securities and Futures Act (SFA) and from providing any financial advisory services under the Financial Advisors Act (FAA) for 17 years. You are also not allowed to participate in the management, act as a director, or become a substantial shareholder of any capital market services company under the SFA or any financial advisory firm under the FAA.
MAS has also slapped a nine-year-old PO against Tan, who was convicted of criminal breach of trust under the Penal Code and crimes under the Computer Misuse Act. He was sentenced to 30 months in prison.
Tan made unauthorized Internet bank transfers between March 2015 and January 2016 worth around S $ 263,500 from his friend’s UOB account to his personal bank account to pay for his living expenses. The friend had entrusted her with her UOB bank accounts, Internet banking security token, and UOB ATM card.
Tan is prohibited from conducting any activity regulated under the SFA and from providing any financial advisory services under the FAA. You may not participate in the management, act as a director, or become a substantial shareholder of any capital market services company under the SFA or of any financial advisory firm under the FAA.
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