THE Monetary Authority of Singapore (MAS) on Monday (Apr 22) said it issued a 12-year prohibition order against a former Manulife representative for cheating offences.

Ong Ka Yong, a former financial consultant, deceived 25 victims to transfer more than S$1.2 million between April 2020 and October 2021 to him for fictitious investment opportunities allegedly offered by Manulife and another private company.

He was convicted of 11 counts of cheating on Aug 23 last year and sentenced to 47 months imprisonment on Sep 4. His sentence also took into account 14 other cheating charges.

The prohibition order, which takes effect on Apr 22, prohibits Ong from providing financial advisory services and from participating in management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

MAS said that his offences gave the financial regulatory authority “reason to believe that he will not perform financial advisory services honestly”.