The Monetary Authority of Singapore (MAS) has served a former representative of Prudential eight-year prohibition orders (POs) for dishonest conduct.

Gng Hoon Hong was issued the POs following his conviction in the State Courts last December for criminal breach of trust, said MAS in a statement on Apr. 18.

What did Gng do?

Gng was jailed for using S$117,160.94 of his client's money for his personal expenses.

The misappropriation took place between March 2012 to July 2018, MAS said.

His client had entrusted the money to him for the payment of insurance premiums to Prudential.

Instead of paying the premiums, Gng spent the money, resulting in the lapse of three of his client's policies.

When confronted by his client, Gng presented a forged printout purportedly from Prudential’s website which falsely stated that one of the lapsed policies was in force.

TODAY reported that Gng spent the money on the renovation of his house as well as groceries, car instalment repayments, and his daily expenses.

He was convicted of three counts of criminal breach of trust under section 406 of the Penal Code on Dec. 7, 2023, and sentenced to 20 months' imprisonment.

Three other criminal breach of trust charges taken into consideration for the purpose of sentencing.

His offences gave MAS reason to believe that he "will not perform financial advisory services honestly", said MAS.

According to MAS, the POs bar Gng from providing any financial advisory services, effective Apr. 18, 2024.

He also cannot take part in the management, act as a director, or become a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

Furthermore, he is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act.

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