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.
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…
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