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Singapore regulator bans convicted Manulife rep for 12 years

The Monetary Authority of Singapore (MAS) issued a 12-year prohibition order against former Manulife representative Ong Ka Yong for cheating, effective April 22. Ong, previously a financial consultant, deceived 25 individuals into transferring over SGD1.2m between April 2020 and October 2021, under the guise of fictitious investments with Manulife and another company. He was convicted on 11 counts of cheating last August and sentenced to 47 months in prison on September 4, with 14 additional charges considered. The order prevents Ong from providing financial advisory services or holding any managerial or substantial ownership roles in financial advisory firms, reflecting MAS’s concerns about his honesty in financial services.


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