MAS Bans Former Manulife Representative for 12 Years
The Monetary Authority of Singapore (MAS) has issued a 12-year ban on Ong Ka Yong, a former representative of Manulife.
The Monetary Authority of Singapore (MAS) has issued a 12-year prohibition order against Mr. Ong Ka Yong, former representative of Manulife Financial Advisers Pte. Ltd.
The prohibition order was issued following a conviction by the State Courts for fraud. His criminal conduct has led MAS to believe he will not provide financial advisory services honestly.
On August 23, 2023, Mr. Ong was found guilty of 11 counts of cheating under Section 417 of the Penal Code, with sentencing also taking into account 14 other cheating charges. On September 4, 2023, he was sentenced to 47 months' imprisonment.
Between April 2020 and October 2021, Mr. Ong deceived 25 victims into transferring over SGD 1.2 million to him for purported investment opportunities allegedly offered by Manulife and another private company.
Under the prohibition order, which took effect from April 22, 2024, Mr. Ong is prohibited from providing any financial advisory services and is not allowed to participate in the management of any financial advisory company, act as a director, or become a substantial shareholder under the Financial Advisers Act.
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