The Monetary Authority of Singapore (MAS) has issued 10-year prohibition orders (POs) to Marcus Loh Thim Mun, a former wealth planning manager with DBS Bank.
The orders took effect on March 16
They were issued following Loh’s convictions in the state for offences involving fraud or dishonesty, namely cheating, forgery and using the benefits of his criminal conduct.
Under the orders, Loh is not allowed to provide any financial advisory services, or take part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001.
He is also prohibited from performing any regulated activity or 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 2001.
Between October and November 2018, Loh, as a representative of DBS, deceived seven clients into transferring a total of $490,000 to his personal bank account.
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According to MAS, Loh had falsely informed some of these clients that their monies were being placed in fixed deposit accounts with DBS. Then former wealth planning manager had also told a client that he could participate in a DBS share ownership scheme through him and forged a letter confirming the placement of the client’s monies in the scheme. The monies were used by Loh to purchase virtual credits on an unlawful gambling site.
Loh was charged with cheating and forgery on Jan 6, 2021, under the Penal Code. He was also charged of using the benefits of his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. He was sentenced to 33 months imprisonment.
“Loh’s actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly. While Loh is no longer an appointed representative in Singapore, the prohibition orders were issued against him to safeguard the integrity of Singapore’s financial sector,” reads the statement by MAS released on March 18.
Photo: Bloomberg
