The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against six former Great Eastern insurance agents for fraudulent and dishonest conduct.
The six are: Chan Jun Yi, Chanel Quah Hui Wen, Lim Zhan Yi, Sherlin Chia Hee Ping, Tang Hong Kong Jackie, and Yvonne Quah.
They’ve already been convicted for tax evasion offences last September and sentenced to jail for four days to eight weeks. They were also slapped penalties ranging from $7,965.00 to $113,829.02.
Under the POs, which will take effect from 1 June 2023, they are not to providing any financial advisory service, and cannot be a director, or becoming a substantial shareholder, of any financial advisory firm.
In addition, they are not to do business and, or be part of any insurance intermediary’s management.
According to MAS, between April 2018 and April 2019, these six former agents engaged a third party to help them falsify their business expenses for their income tax returns.
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By doing so, they reduced their income taxes by $124,6481 for the 2018 and 2019 years of assessment.
“Their convictions for falsifying expense claims in income tax returns gave MAS reason to believe that they will not perform financial advisory services honestly,” says MAS.
