SINGAPORE: The Monetary Authority of Singapore (MAS) on Wednesday (Dec 7) issued 15-year prohibition orders to a former employee of two banks for fraudulent and dishonest conduct.
This follows Han Delong’s conviction for criminal breach of trust, cheating, forgery, as well as transferring and converting benefits of his criminal conduct, said MAS.
Han was given seven years’ jail in May last year for cheating seven people of almost S$2 million for fictitious wealth products. He had pleaded guilty in April to 27 charges, with another 67 charges considered in sentencing.
Han was a senior personal banker at UOB between August 2014 and December 2015. He then worked as a relationship manager at OCBC between March 2016 and January 2017.
Between February 2015 and April 2018, Han deceived seven customers into transferring S$1,969,000 to his personal bank accounts by promoting fictitious fixed deposits and other investment products.
He forged bank documents to give the impression that the transactions were genuine, and used the funds cheated from the victims for his own benefit. This included transferring some to his brother and former girlfriend, and repaying other victims.
These offences took place while Han was employed as a representative for UOB and OCBC and even after he left the employment of both banks, said MAS.
MAS said that Han’s convictions gave it reason to believe that he “had not performed and will not perform financial advisory services honestly”.
It added that while Han is no longer an appointed representative in Singapore, the prohibition orders were issued against him to safeguard the integrity of and trust in the country’s financial sector.
The prohibition orders, which took immediate effect, ban Han from providing any financial advisory service.
He also cannot perform any regulated activity or take part in the management, act as a director of, or become a substantial shareholder of any capital markets services firm under the Securities and Futures Act 2001.