The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against Aw Yong Seng, a former representative of Prudential Assurance Company Singapore and Chew Swee Sun Johnny, a former representative of the Bank of Singapore.

The POs were issued following Aw and Chew’s convictions in two unrelated court cases. The orders took effect from August 18.

Aw is prohibited for a period of five years from providing any financial advisory services, or taking part in the management of, or becoming a substantial shareholder of any financial advisory firm under Cap. 110 of the Financial Advisers Act (FAA). He is also banned from carrying on business as, or taking part in the management of, any insurance intermediary under Cap. 142 of the Insurance Act (IA).

Aw was convicted of forgery under the Penal Code (PC) and sentenced to four months in jail for forging a document purporting to be an official receipt issued by Prudential in June 2017.

Aw’s client had earlier entrusted him with some $25,000 in cash to be paid to Prudential as the annual premium for his client’s policy. Aw then forced a receipt in the name of Prudential in order to lead his client to believe that the annual premium had been paid to Prudential.

Aw subsequently repaid the full amount to Prudential, with the client’s policy being reinstated after the deception was uncovered.

Separately, Chew is prohibited for three years from providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA. He is also banned from performing any regulated activities, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market licensee under Cap. 289 of the Securities and Futures Act (SFA).

Chew was convicted of employing a scheme to defraud and for unauthorised trading under the SFA with an eight-week imprisonment sentence.

Between April and December 2012, Chew defrauded securities firm IG Asia by placing false orders for securities in three SGX-listed counters in his personal capacity. Chew used his personal trading accounts, as well as accounts belonging to his relatives and a friend, to place the orders, in a bid to influence the associated Contracts for Differences (CFD) prices offered by IG Asia in his favour.

MAS says the trades in the underlying securities were ultimately never executed, and would be withdrawn shortly after the CFD orders were executed. Mr Chew eventually made restitution to IG Asia.