Singapore MAS Issues Total of 9 Years Ban on 3 Prudential & Manulife Insurance Agents for False Entries on Advisor Coaching Forms & Obstructing Justice by Deleting Messages from Mobile Phone, Eunice Yuen Pui Leng Banned for 5 Years, Grace Tan Zhen Zhi Banned for 3 Years, Benny Lim Hee Loon Banned for 1 Year, Singapore Court Fines Eunice Yuen Pui Leng S$20,000 & Grace Tan Zhen Zhi S$5,000
28th May 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a total of 9 years ban on 3 Prudential & Manulife insurance agents for false entries on advisor coaching forms & obstructing justice by deleting messages from mobile phone prior to investigation. Eunice Yuen Pui Leng (Prudential) is banned for 5 years, Grace Tan Zhen Zhi (Prudential) is banned for 3 years, and Benny Lim Hee Loon (ex-Prudential, current Manulife) is banned for 1 year. A Singapore court has fined Eunice Yuen Pui Leng S$20,000 and Grace Tan Zhen Zhi S$5,000. Singapore MAS (24/5/24): “The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former insurance agents of Prudential Assurance Company Singapore (Pte) Limited (PACS), Ms Yuen Pui Leng Eunice and Ms Tan Zhen Zhi, Grace, following their conviction for offences under the Financial Advisers Act (FAA). A prohibition order and a stern warning in lieu of prosecution were also issued against Mr Lim Hee Loon Benny, a former insurance agent of PACS and current insurance agent of Manulife Financial Advisers Pte Ltd for furnishing false information to MAS. The POs, which took effect from today, will prohibit all three individuals from providing any financial advisory service and from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA. Ms Yuen and Ms Tan are additionally prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act (IA). In May 2022, Ms Yuen and Ms Tan were charged for offences under the FAA. Ms Yuen was further charged for an offence under the Penal Code. In June 2023, Ms Yuen pleaded guilty and was convicted of one charge under section 85(1)(a) of the FAA for wilfully causing false entries to be made in documents of PACS and one charge under section 76(2) of the FAA for furnishing the said falsified documents to MAS. Separate charges under section 85(1)(a) and section 76(2) of the FAA and another charge for intentional obstruction of justice under section 204A of the Penal Code for deleting messages from her mobile phone prior to her interview with MAS were taken into consideration in the sentencing. She was fined $20,000. In November 2023, Ms Tan pleaded guilty and was convicted of one charge under section 85(1)(a) of the FAA for wilfully making false entries in documents of PACS. A separate charge under section 85(1)(a) of the FAA was taken into consideration in the sentencing. She was fined $5,000. Ms Yuen and Ms Tan’s convictions for offences involving dishonesty, and Mr Lim’s conduct during the course of MAS’ interview, have given MAS reason to believe that they have not and will not carry out regulated activities under the FAA and/or IA honestly. MAS takes such misconduct seriously and will take firm action against financial services professionals who intentionally hinder MAS’ investigations by providing false information. ” In 2022, 2 Prudential Assurance insurance agents (Yuen Pui Leng Eunice and Tan Zhen Zhi Grace) had been charged under the Financial Advisers Act (FAA) for obstructing the course of justice during investigation, and by creating false record and providing false information to the Monetary Authority of Singapore (MAS).
“ Singapore MAS Issues Total of 9 Years Ban on 3 Prudential & Manulife Insurance Agents for False Entries on Advisor Coaching Forms & Obstructing Justice by Deleting Messages from Mobile Phone, Eunice Yuen Pui Leng Banned for 5 Years, Grace Tan Zhen Zhi Banned for 3 Years, Benny Lim Hee Loon Banned for 1 Year, Singapore Court Fines Eunice Yuen Pui Leng S$20,000 & Grace Tan Zhen Zhi S$5,000 “
| Name | Duration of POs |
| Ms Yuen Pui Leng Eunice | 5 years |
| Ms Tan Zhen Zhi, Grace | 3 years |
| Mr Lim Hee Loon Benny | 1 year |
Yuen Pui Leng Eunice and Tan Zhen Zhi, Grace -On 14 September 2018, Ms Yuen, an insurance agent of PACS at the time, was notified to attend an interview with MAS in connection with an ongoing investigation. MAS informed Ms Yuen that she would be required to produce documentary evidence of coaching conducted by her for representatives within her agency group. Such evidence was relevant to ascertain who was conducting supervision of these representatives and whether such supervisors were being remunerated in accordance with MAS’ Balanced Scorecard and Spreading and Capping of Commission requirements. However, prior to the interview, Ms Yuen told Ms Tan to make up false entries on purported coaching forms, which Ms Yuen then submitted to MAS. Ms Yuen also intentionally deleted messages from her mobile phone ahead of the scheduled interview, knowing that the information would likely be required by MAS as part of its investigation.
Lim Hee Loon Benny – In the course of MAS’ investigation into Ms Yuen and Ms Tan in October 2018, Mr Lim attended an interview with MAS where he made several false statements, including that he had signed off on coaching forms on the dates when Ms Yuen purportedly coached him as his supervisor. In fact, as subsequently admitted by Mr Lim, he had signed the coaching forms only on 15 September 2018, one day after Ms Yuen was notified to attend the interview.
2 Prudential Insurance Agents Charged for Obstructing Course of Justice During Investigation, Created False Records & Provided False Information to MAS
19th May 2022 – 2 Prudential Assurance insurance agents (Yuen Pui Leng Eunice and Tan Zhen Zhi Grace) had been charged under the Financial Advisers Act (FAA) for obstructing the course of justice during investigation, and by creating false record and providing false information to the Monetary Authority of Singapore (MAS). On 14th September 2018, Yuen Pui Leng Eunice who was notified to attend an interview with MAS for an ongoing investigation, is alleged to have caused Tan Zhen Zhi Grace (supervisor) to create false entries in Prudential coaching forms (required as supervisor), with the falsified coaching forms subsequently provided to MAS. Yuen Pui Leng Eunice had also intentionally deleted messages from her mobile phone, knowing that the information will likely be part of its investigation. Yuen Pui Leng Eunice is facing 6 charges under the FAA, and is also being charged under the Penal code. Tan Zhen Zhi Grace is facing 2 charges under FAA for wilfully making false entries in documents.
The Charges
For each charge of section 85(1)(a) Ms Yuen and Ms Tan face a fine not exceeding $100,000 or imprisonment for a term not exceeding 2 years, or both. For each charge of sections 76(2) and 71I(3) of the FAA, Ms Yuen and Ms Tan face a fine not exceeding $50,000 or imprisonment for a term not exceeding 2 years, or both. If convicted of the charge under section 204A of the PC, Ms Yuen faces imprisonment for a term of up to 7 years, or a fine, or both.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
