The Monetary Authority of Singapore (MAS) announced on 26 November 2024 that it has issued 14-year prohibition orders (POs) against Mr Loh Sheng Yang, a former representative of United Overseas Bank Limited (UOB).
The orders follow Mr Loh’s conviction in February 2024 for multiple offences, including cheating, forgery, and acquiring benefits of criminal conduct.
These POs aim to ensure that Mr Loh cannot resume work in the financial advisory or capital markets sectors after his release from prison.
Between 10 June 2021 and 6 February 2023, Mr Loh defrauded 17 victims of over S$1 million by inducing them to invest in fictitious UOB fixed and structured deposit products.
Victims transferred funds through cash and bank accounts at his instruction, believing they were investing in legitimate offerings. Mr Loh forged documents to convince some victims that their funds had been placed with UOB, while he instead used the money for online gambling.
Police investigations revealed that Mr Loh committed these offences while employed at UOB and continued to do so after his suspension in December 2022 and during police investigations.
The Commercial Affairs Department arrested him, and he was charged with cheating a customer of S$220,000 in December 2022. This case was part of the larger fraud scheme for which he was convicted.
On 15 February 2024, Mr Loh pleaded guilty to nine charges: seven counts of cheating, one count of forgery, and one count of acquiring benefits of criminal conduct. Thirteen additional charges were taken into consideration during sentencing.
The State Courts sentenced him to 68 months’ imprisonment. Even with standard remission for good behaviour, Mr Loh would be required to serve approximately 45 months in prison.
Under the prohibition orders, Mr Loh is barred for 14 years from providing financial advisory services or engaging in regulated activities under the Financial Advisers Act and the Securities and Futures Act.
He is also prohibited from managing, directing, or becoming a substantial shareholder in financial advisory or capital markets services firms.
UOB had suspended Mr Loh immediately after being alerted to his misconduct in December 2022 and terminated his employment in January 2023.
A UOB spokesman stated, “UOB takes a zero-tolerance approach against any employee’s breach of the bank’s code of conduct, which sets the requirement for all to uphold the highest professional and ethical standards. The bank will continue to support the Singapore Police Force in their investigations.”
MAS reiterated its commitment to upholding public trust in Singapore’s financial sector by taking firm action against misconduct.
Individuals found guilty of cheating in Singapore face imprisonment of up to 10 years and a fine, with additional penalties for forgery and related offences.
