S'pore financial advisor, 35, jailed for forging subordinates' signatures to receive S$27,911 more commission

A financial advisor masterminded a scheme to register her client's policies under her subordinates' names to get more commission.

Goo Tze Ling did this to get both the sales commission and the fee supervisors receive when their subordinates sell policies.

On Mar. 30, the 35-year-old was sentenced to eight months’ jail after she pleaded guilty to four charges, including two counts of forgery.

Joined Manulife as unit manager

Goo joined Manulife in March 2020 as a representative and unit manager.

She held the designation of Assistant Vice President and supervised a team of around five people, which grew over time.

Sometime in 2020, she devised a scheme to earn both the sales commission, any renewal commissions and the overriding fee for the policies she sold under her own name.

This was possible by registering the policies she had personally sold to her clients under the names of her two subordinates by accessing company accounts or forging their signatures on policy documents.

Manulife would pay her subordinates, and she would then instruct them to transfer the commissions and bonuses to her.

Goo profited S$27,911.01 from the scheme.

Manulife was deceived into disbursing a total of S$30,627.10 to the respective parties.

Goo personally profited S$27,911.01 from the scheme.

The Deputy Public Prosecutor said two of Goo's subordinates trusted her and agreed to participate as "it would assist them in achieving their sales targets”. 

Commissions & discovery

On Nov. 1, 2022, a policyholder and her son filed a complaint with the Monetary Authority of

Singapore, after discovering that the Policy Documents reflected the name and signature of May, whom they had never met.

On Jan. 25, 2024, a compliance officer with Manulife lodged a police report on behalf of Manulife, alleging that Goo had forged signatures on the policy documents.

All four policies that were involved were rescinded, and Manulife intends to pursue recovery of all fees disbursed.

Goo was demoted to a Tier 1 representative following investigations.

Penalties

The DPP sought an aggregate sentence of 8 to 12 months’ imprisonment.

She said Goo had abused her position on multiple levels, breaching the trust of "Manulife to manage her supervisees and ensure that the policy documents are properly completed and

signed".

"She had also breached the trust placed in her by her supervisees and her clients."

If found guilty of forgery, an offender faces up to 10 years' jail and a fine.

No longer an employee

According to a spokesperson for Manulife Singapore, all three representatives are no longer with the company.

Goo was terminated in 2024 following internal investigations into forgery allegations.

"Manulife has zero tolerance for wrongdoing and remains committed to upholding high ethical and professional standards. We expect all our financial representatives to adhere to these standards at all times."

Top photo from Canva