The Monetary Authority of Singapore has today (5 July) issued four-year prohibition orders against Suzannah Khoo Lee Sun, following her conviction in the State Courts for an offence involving dishonesty, namely misappropriation of monies from one of her clients.
Under the banning order which took effect from 2 July 2021, Khoo was prohibited from providing any financial advisory services, taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act, the MAS said in a statement on 5 July.
She was also prohibited from carrying on business as, and taking part in the management of, any insurance intermediary under the Insurance Act.
In September 2012, Khoo was a representative of Prudential Assurance Company Singapore (PACS), when she misappropriated $3,735.48, which a client had entrusted to her for the payment of insurance premiums to PACS. Khoo took the monies for her personal use.
On 27 November 2020, Ms Khoo pleaded guilty and was convicted of one count of criminal breach of trust under section 406 of the Penal Code. Ms Khoo was sentenced to a $9,000 fine.
Khoo is no longer employed by PACS. While she is no longer an appointed representative in Singapore, the POs were issued against her to safeguard the integrity of and trust in Singapore's financial sector.
Khoo's conviction gave MAS reason to believe that she had not performed the type of financial advisory services for which she was appointed honestly.
