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MAS issues prohibition orders against former representative of OCBC Securities
THE Monetary Authority of Singapore (MAS) has issued two prohibition orders against Prem Hirubalan, a former representative of OCBC Securities, banning him from performing any financial advisory servcies, among others, for 7 years.
Under the prohibition orders which take effect from Thursday, Mr Hirubalan is also prohibited from any regulated activity, and taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act (SFA).
He is banned from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA).
Mr Hirubalan was a representative of OCBC Securities from May 2010 to May 2011.
MAS said during that period, he conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around S$81,000 from one of these customers.
On June 24, 2016, Mr Hirubalan was convicted of charges under section 201(b) of the SFA and section 406 of the Penal Code for these offences. On August 8, 2016, he was sentenced to 10 months' imprisonment.
Under section 201(b) of the SFA, no person shall, directly or indirectly, in connection with the subscription, buy or sale of any securities engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.
Under section 406 of the Penal Code, whoever commits criminal breach of trust shall be punished with imprisonment for a term which may extend to 7 years, or with fine, or with both.
Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: "MAS expects all finance professionalsto act honestly and with integrity. To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry."