, Singapore
Photo from MAS website.

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.

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Chinese insurers deem it wise to move to alternative investments
Analysts see new regulations driving a conservative shift as insurers seek stability amidst volatile markets.
Is ‘Londonisation’ good for Asia’s M&A insurance market?
Industry experts dissect the region’s low usage rates for M&A insurance despite more industry players entering the field.
Markel targets professional indemnity market in Australia
Head of professional and financial risks, Kym Beazleigh, explains the game plan in Markel’s strategic expansion.