MAS issues ban on former UOB employee convicted of fraud

 MAS issues ban on former UOB employee convicted of fraud

SINGAPORE: The Monetary Authority of Singapore MAS has issued 15 year prohibitions on a former employee of two banks for fraudulent and dishonest conduct.

This follows Han Delong's conviction for criminal breach of trust, cheating, forgery, as well as transferring and converting benefits of his criminal conduct, said MAS.

In May of last year, Han was jailed for seven years in prison for cheating seven people of almost $2 million for fictitious wealth products. He had pleaded guilty to 27 charges in April, with another 67 charges considered in sentencing.

Han was a senior personal banker at UOB between August 2014 and December 2015. He worked at OCBC from March 2016 to January 2017 as a relationship manager.

He forged bank documents to give the impression that the transactions were genuine, and used the funds cheated from victims for his own benefit. This included transferring some to his brother and former girlfriend, and repaying other victims.

These offences took place while Han was employed as a representative for UOB and OCBC, and even after he left the employment of both banks, said MAS.

MAS said that Han's convictions gave it reason to believe that he has not performed and will not perform financial advisory services. It added that while Han is no longer an appointed representative in Singapore, the prohibition orders against him were issued to safeguard the integrity of and trust in the country s financial sector.

Han is not allowed to provide financial advisory services because of the prohibitions that took effect.

He can't take part in management, act as a director of a capital markets services firm, or become a shareholder of a capital markets services firm under the Securities and Futures Act 2001.