SINGAPORE: The Monetary Authority of Singapore announced on Wednesday that it has issued prohibition orders against two former bank employees and an insurance agent for fraudulent and dishonest conduct.
The 41-year-old was sentenced to 10-and-a-half years' jail in June 2018 and is now banned from providing any capital markets or financial advisory services. He also misappropriated money entrusted to him by a customer, instead of depositing it into the customer's bank account as instructed. He is also banned from providing financial advisory services and is unable to act as a director or become a substantial shareholder of any financial advisory company, said MAS.
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