MAS Imposes 14-Year Prohibition Orders on Former UOB Representative Following Criminal Conviction

The Monetary Authority of Singapore (MAS) announced 14-year prohibition orders (POs) against Mr. Loh Sheng Yang, a former representative of United Overseas Bank Limited (UOB), following his conviction on multiple charges including 7 counts of cheating, 1 count of forgery, and 1 count of acquiring benefits of criminal conduct on February 15, 2024. This prompted MAS to believe that Mr. Loh will not perform financial advisory and capital markets services honestly.

The POs, effective from November 26, 2024, ban Mr. Loh for 14 years from providing any financial advisory service, managing, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. He is also prohibited from performing any regulated activities or taking part in the management, acting as a director, or becoming a substantial shareholder of any capital markets services firm under the Securities and Futures Act.

Case Background

Between June 10, 2021, and February 6, 2023, Mr. Loh defrauded 17 victims of over $1 million by inducing them to sign up for fictitious UOB fixed and structured deposit products. Victims were instructed to transfer monies to him, in cash and to various bank accounts, under the pretense of placing these deposits. To deceive the victims further, forged documents were provided to some, falsely assuring them that their monies had been deposited with the bank. Mr. Loh then used the illicitly obtained funds for online gambling.

Mr. Loh commenced these criminal activities while employed as a representative for UOB and continued even after his suspension by UOB and during an investigation by the Singapore Police Force.

An additional 13 charges were considered during sentencing. Mr Loh was sentenced to 68 months' imprisonment.