MAS issues 10-year prohibition order to former DBS wealth manager for fraud
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THE Monetary Authority of Singapore (MAS) has prohibited Marcus Loh Thim Mun, a former wealth planning manager at DBS, from providing any financial advice or be part of the management, director or substantial shareholder of any financial advisory or capital markets firm.
These prohibitions were issued after Loh was convicted by the State Courts for cheating clients' monies and using them for his own benefit, said the central bank in a media release on Friday (Mar 18).
Loh will be prohibited in taking part in these financial activities for 10 years, starting from Mar 16 this year.
While he was working for DBS between October and November 2018, Loh deceived 7 clients into transferring a total of S$490,000 to his personal bank account, but he falsely told some of them that their monies were placed in fixed deposit accounts with the bank.
Loh also told a client that he could help him participate in a DBS share ownership scheme and forged a letter confirming the placement of the client's monies in the scheme. But he actually used part of the monies to purchase virtual credits on an unlawful gambling site.
He was convicted for cheating and forgery offences under the Penal Code on Jan 6, 2021, as well as an offence of using benefits of his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
He was sentenced to 33 months' imprisonment.
"Loh's actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly. While Mr Loh is no longer an appointed representative in Singapore, the prohibition orders were issued against him to safeguard the integrity of Singapore's financial sector," said MAS in the media release.
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