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United States MAS issues 14-year prohibition orders against Loh Sheng Yang
Staff Reporter
, Singaporein 1 hour
Photo by Tingey Injury Law Firm via Unsplash.
Yang was convicted of cheating, forgery, and acquiring criminal benefits.
The Monetary Authority of Singapore (MAS) issued 14-year prohibition orders (POs) against Loh Sheng Yang, a former UOB representative, effective 26 November.
Loh Sheng Yang is prohibited from performing any regulated activity and taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory or capital markets services firm under the Financial Advisers Act and Securities and Futures Act (SFA).
Whilst working as a representative for United Overseas Bank (UOB), Loh defrauded 17 victims of over $1m by convincing them to invest in fictitious UOB fixed and structured deposit products.
Loh is said to have instructed victims to transfer funds to him and provided forged documents to support the scam, using the money for online gambling.
On 15 February, Loh was convicted of seven counts of cheating, one count of forgery, and one count of acquiring benefits of criminal conduct, with 13 other charges taken into consideration for sentencing.
He was sentenced to 68 months’ imprisonment.
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