The Monetary Authority of Singapore (MAS) has issued eight-year prohibition orders (POs) against Gng Hoon Hong, a former representative of Prudential Assurance Company Singapore (Pte) Limited (Prudential). The POs were issued following Gng’s conviction in the State Courts for criminal breach of trust offences.
In a statement on 18 April, the MAs said his offences also gave MAS reason to believe that he will not perform financial advisory services honestly.
On 7 December 2023, Gng was convicted of three counts of criminal breach of trust under section 406 of the Penal Code, with three other criminal breach of trust charges taken into consideration for the purpose of sentencing. He was sentenced to 20 months’ imprisonment.
Between March 2012 to July 2018, Gng misappropriated a total sum of S$117,160.94 entrusted to him by his client for the payment of his client’s insurance premiums to Prudential.
Instead of paying Prudential, Gng used the money for his own expenses which resulted in the lapse of three of his client’s policies. When confronted by his client, Gng presented a forged printout purportedly from Prudential’s website which falsely stated that one of the lapsed policies was in force.
Under the POs, which took effect from 18 April 2024, Gng 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.
He is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act.
