The Monetary Authority of Singapore (MAS) has issued a 12-year prohibition order (PO) against Ong Ka Yong, a former representative of Manulife Financial Advisers Pte. Ltd (Manulife).
The banning order was issued following Ong’s conviction in the State Courts for cheating offences.
His offences also gave MAS reason to believe that he will not perform financial advisory services honestly, the regulatory said in a statement on 22 April.
On 23 August 2023, Ong was convicted of 11 counts of cheating under section 417 of the Penal Code with 14 other cheating charges taken into consideration for the purpose of sentencing. He was sentenced to 47 months’ imprisonment on 4 September 2023.
Between April 2020 and October 2021, Ong deceived 25 victims to transfer more than S$1,200,000 to him for fictitious investment opportunities, allegedly offered by Manulife and another private company.
Under the PO, which took effect from 22 April 2024, Ong 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.
