A former Singapore-based financial planner has been charged with cheating and forgery offences in relation to selling investment-linked policies (ILPs).
Seven clients collectively lost more than S$22,000 (£12,283, $16,179, €14,616) in policy premiums, according to the Singapore Police Force.
After their financial planner moved to another insurance firm, he convinced his clients that if they bought an ILP with his new employer they would be able to fold in the existing policy they had taken out with his previous employer.
He is accused of forging documents to back up his claims that their policies would be merged.
As a result, his client stopped paying into the savings plans they had taken out with the first insurance company.
The original ILPs subsequently lapsed and their premiums were lost.
Identity revealed?
The police did not name the accused, but local newspaper The Straits Times has reported that Stedtson Koh was charged with 14 offences; seven charges were for cheating and seven for forgery for the purpose of cheating.
The newspaper said, before 2013, Koh sold Prudential insurance savings plans to the clients while working at an unnamed local bank.
In 2013, he joined Manulife as a financial planner.
Sentencing
The accused was charged in court on 6 December 2019.
He could face 10 years’ imprisonment and a fine for the seven counts of cheating.
Also, he could face a 10-year sentence and a fine for the seven counts of forgery for the purpose of cheating.
The Straits Times said the case has been adjourned to 2 January 2020.
The Singapore Police Force said it “will not hesitate to take strict enforcement action against those found breaking the law”.
