, Singapore
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MAS slaps 12-year ban on ex-Manulife rep for cheating

Ong Ka Yong was sentenced to 47 months’ imprisonment on 4 September 2023.

The Monetary Authority of Singapore (MAS) has issued a 12-year prohibition order against Ong Ka Yong, a former representative of Manulife Financial Advisers.

Effective 22 April 2024, Ong is prohibited from providing any financial advisory services. He is prohibited from taking part in the management, acting as a director, or becoming a substation shareholder of any financial advisory firm under the Financial Advisers Act.

ALSO READ: MAS eyes enhanced safeguards for elderly and non-english proficient financial clients

This follows after Ong was convicted of 11 counts of cheating under section 417 of the Penal Code. Fourteen (14) other cheating charges taken into consideration during the sentencing. Ong was sentenced to 47 months’ imprisonment on 4 September 2023.

Between April 2020 and October 2021, Ong reportedly deceived 25 victims to transfer over S$1.2m to him for fictitious investment opportunities.

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