The Monetary Authority of Singapore (MAS) has issued a six-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Lim Kok Tiong Danny, a former representative of Professional Investment Advisory Services Pte Ltd (PIAS).
This followed his conviction in the State Courts for forgery and cheating offences under the Penal Code (PC). In view of Lim’s misconduct, MAS said it was satisfied that he was not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA.
In relation to the forgery offences, between October and November 2020, Lim forged the signatures of 4 clients in documents to falsely reflect that they had agreed to transfer their accounts from Lim’s former employer to PIAS, and appoint him as their servicing financial adviser. He had done so, to continue servicing these accounts and retain the commissions earned from them.
In relation to the cheating offence, in or around June 2021, Lim agreed to lend his bank account to receive monies from unknown sources and remit these monies to designated bank accounts unknown to him. Lim retained a portion of the monies he received as commission. In order to remit a sum of money to a Malaysian bank account, Lim deceived a local remittance agency into believing that the remittance was payment for marketing-related services.
On 31 May 2023, Lim pleaded guilty to 2 counts of forgery under section 465 of the PC and 1 count of cheating under section 417 of the PC. In addition, 2 counts of possessing property reasonably suspected to be benefits from criminal conduct under section 47AA of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A, 2000 Rev Ed), and 6 counts of forgery under section 465 of the PC were taken into consideration for the purpose of sentencing. Mr Lim was sentenced to 15 weeks’ imprisonment.
Under the PO, which took effect on 21 March 2025, Lim is prohibited for a period of 6 years from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS, and from taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution.
For the same duration, he is also prohibited from becoming a substantial shareholder of any FI that is a corporation, and if he is already a substantial shareholder of a FI that is a corporation, from acquiring any interest in any voting share in the FI other than a voting share in which he already has an interest.
