The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against Ms Huang Mengting, a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential), following her conviction in the State Courts for "cheating offences".
The MAS stated:
"Between July 2019 and November 2020, Ms Huang edited and submitted 11 false invoices to Prudential to facilitate her clients' accident injury claims, and deceived Prudential into making a payout of $3,287.82 to her clients. On 26 September 2022, Ms Huang was convicted of four counts of cheating under section 417 of the Penal Code with seven other cheating charges taken into consideration for the purpose of sentencing. She was sentenced to six weeks' imprisonment."
"Under the POs, which took effect from 19 July 2023, Ms Huang is prohibited from providing any financial advisory services, and 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. She is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act."
The MAS added that the offences "gave...reason to believe that she will not perform financial advisory services honestly."
