The Monetary Authority of Singapore (MAS) has issued a 12-year prohibition order against Ong Ka Yong for cheating offences.
Ong, a former representative of Manulife Financial Advisers Pte. Ltd., was convicted of 11 counts of cheating under section 417 of the Penal Code on Aug 23, 2023. Under the code, cheating is punishable by imprisonment or a fine, or both. The term for imprisonment may extend to three years.
He also has 14 other cheating charges that were taken into consideration for the purpose of the sentencing.
Ong was sentenced to 47 months’ imprisonment on Sept 4, 2023.
Ong had deceived 25 victims to transfer over $1.2 million to him for “fictitious investment opportunities” that were allegedly offered by Manulife and another unnamed private company between April 2020 and October 2021.
The PO, which took effect from April 22, means Ong is prohibited from performing any financial advisory services for 12 years. He is also banned from taking part in the management or acting as a director of any financial advisory firm under the Financial Advisers Act. Ong is also not allowed to become a substantial shareholder of any financial advisory firm for the period of the PO.
