MAS issues Prohibition Orders against Mr Loh Sheng Yang for ...
Singapore, 26 November 2024… The Monetary Authority of Singapore (MAS) has issued 14-year prohibition orders (POs) against Mr Loh Sheng Yang, a former representative of United Overseas Bank Limited (UOB). This follows his conviction in the State Courts for cheating, forgery and acquiring benefits of criminal conduct. Mr Loh’s offences have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly.
2. Between 10 June 2021 and 6 February 2023, Mr Loh defrauded a total of 17 victims of more than $1 million by inducing them to sign up for fictitious UOB fixed and structured deposit products. He then instructed the victims to transfer monies to him, in cash and to various bank accounts, for the placement of the purported deposits. Forged documents were also given to some victims to convince them that their monies had been deposited with the bank. Mr Loh subsequently used the monies obtained from the victims for online gambling. Mr Loh started committing the offences while he was employed as a representative for UOB, and continued even after he was suspended by UOB and while he was under investigation by the Singapore Police Force.
3. On 15 February 2024, Mr Loh pleaded guilty to a total of 9 charges, namely 7 counts of cheating, 1 count of forgery and 1 count of acquiring benefits of criminal conduct. Another 13 charges were taken into consideration for the purpose of sentencing. Mr Loh was sentenced to 68 months’ imprisonment.
4. Under the POs, which took effect on 26 November 2024, Mr Loh is prohibited for a period of 14 years from providing any financial advisory service, 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 performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the Securities and Futures Act.
