Singapore MAS Issues 8-Year Ban on Ex-Prudential Advisor Gng Hoon Hon for Misappropriating $86,000 Client Payment for Insurance Premiums & Used the Money for Personal Expenses Resulting in Lapse of 3 Client Policies, Forged Policy In-Force Printout from Prudential Website After Confronted by Client, Sentenced to 20 Months Jail in 2023 for Criminal Breach of Trust
20th April 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a 8-year ban on ex-Prudential advisor Gng Hoon Hon for misappropriating $86,000 (S$117,160.94) of client payment for insurance premiums, using the money for personal expenses resulting in lapse of 3 client policies. The ex-Prudential advisor had also forged a policy in-force printout from Prudential website after being confronted by client on the lapsed policy. The ex-Prudential advisor was sentenced to 20 months jail in 2023 December for criminal breach of trust. Singapore MAS (18/4/24): “The Monetary Authority of Singapore (MAS) has issued eight-year prohibition orders (POs) against Mr Gng Hoon Hong, a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential). The POs were issued following Mr Gng’s conviction in the State Courts for criminal breach of trust offences. His offences also gave MAS reason to believe that he will not perform financial advisory services honestly. On 7 December 2023, Mr Gng 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 the purpose of sentencing. He was sentenced to 20 months’ imprisonment. Between March 2012 to July 2018, Mr Gng misappropriated a total sum of S$117,160.94 entrusted to him by his client for the payment of his client’s insurance premiums to Prudential. Instead of paying Prudential, Mr Gng used the money for his own expenses which resulted in the lapse of three of his client’s policies. When confronted by his client, Mr Gng presented a forged printout purportedly from Prudential’s website which falsely stated that one of the lapsed policies was in force. Under the POs, which took effect from 18 April 2024, Mr Gng 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. He is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act. Section 406 of the Penal Code (Cap. 224, 2008 Rev Ed) – Under this section, whoever commits criminal breach of trust shall be punished with imprisonment for a term which may extend to 7 years, or with fine, or with both.”
“ Singapore MAS Issues 8-Year Ban on Ex-Prudential Advisor Gng Hoon Hon for Misappropriating $86,000 Client Payment for Insurance Premiums & Used the Money for Personal Expenses Resulting in Lapse of 3 Client Policies, Forged Policy In-Force Printout from Prudential Website After Confronted by Client, Sentenced to 20 Months Jail in 2023 for Criminal Breach of Trust “
Singapore MAS Issues 8-Year Ban on Ex-Prudential Advisor Gng Hoon Hon for Misappropriating $86,000 Client Payment for Insurance Premiums & Used the Money for Personal Expenses Resulting in Lapse of 3 Client Policies, Forged Policy In-Force Printout from Prudential Website After Confronted by Client, Sentenced to 20 Months Jail in 2023 for Criminal Breach of Trust
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