Singapore MAS Bans Prudential Advisor for 5 Years for Submitting 11 False Invoices to Claim $2,477 Payout for Accident Injuries, Sentenced to 6 Weeks Jail in 2022

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Singapore MAS Bans Prudential Advisor for 5 Years for Submitting 11 False Invoices to Claim $2,477 Payout for Accident Injuries, Sentenced to 6 Weeks Jail in 2022

19th July 2023 | Hong Kong

Singapore central bank Monetary Authority of Singapore (MAS) has banned former Prudential advisor (Huang Mengting) for 5 years (19/7/23) for submitting 11 false invoices to claim $2,477 (S$3,287.82) payout for accident injuries, after being sentenced to 6 weeks jail in 2022 (September) by a Singapore court.  Singapore MAS: “The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against Ms Huang Mengting, a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential). The POs were issued following Ms Huang’s conviction in the State Courts for cheating offences. Her offences also gave MAS reason to believe that she will not perform financial advisory services honestly … … Between July 2019 and November 2020, Ms Huang edited and submitted 11 false invoices to Prudential to facilitate her clients’ accident injury claims, and deceived Prudential into making a payout of $3,287.82 to her clients. On 26 September 2022, Ms Huang was convicted of four counts of cheating under section 417 of the Penal Code with seven other cheating charges taken into consideration for the purpose of sentencing. She was sentenced to six weeks’ imprisonment.”  See below for Singapore MAS full statement. 

“ Singapore MAS Bans Prudential Advisor for 5 Years for Submitting 11 False Invoices to Claim $2,477 Payout for Accident Injuries, Sentenced to 6 Weeks Jail in 2022 “

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Singapore ~ Section 417 of the Penal Code (Cap. 224, 2008 Rev Ed) – Under this section, whoever cheats shall be punished with imprisonment for a term which may extend to 3 years, or with fine, or with both.

Singapore MAS Bans Prudential Advisor for 5 Years for Submitting 11 False Invoices to Claim $2,477 Payout for Accident Injuries

• MAS issues Prohibition Orders against Ms Huang Mengting for Cheating

19th July 2023 – The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against Ms Huang Mengting, a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential). The POs were issued following Ms Huang’s conviction in the State Courts for cheating offences. Her offences also gave MAS reason to believe that she will not perform financial advisory services honestly.

Under the POs, which took effect from 19 July 2023, Ms Huang is prohibited 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. She is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act.

Between July 2019 and November 2020, Ms Huang edited and submitted 11 false invoices to Prudential to facilitate her clients’ accident injury claims, and deceived Prudential into making a payout of $3,287.82 to her clients. On 26 September 2022, Ms Huang was convicted of four counts of cheating under section 417 of the Penal Code with seven other cheating charges taken into consideration for the purpose of sentencing. She was sentenced to six weeks’ imprisonment.

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