The Monetary Authority of Singapore (MAS) has slapped a 12-year prohibition order against Mr. Lee Chang Yeh Bentley, a former fund manager, for misappropriating funds. This means that Lee will not be able to perform any regulated activity under the Securities and Futures Act (SFA) or provide any financial advisory service under the Financial Advisers Act (FAA) during this time.
The ban follows a 2017 court case which saw him sentenced to four years and nine months in prison. He was also fined S$50,000 ($36,600). This is because Lee worked at the United Overseas Bank (UOB) from August 2005 to January 2010. During his time working at the bank, he created a company to invest in shares and forex on behalf of other investors. He did this without holding a Capital Markets Services licence.
Efficiency is on the Blockchain HorizonGo to article >>
Later, he left the firm to manage his own company full time. Between May 2009 and January 2013, Lee misappropriated around S$520,000 of client money. These clients he had also served when he was with UOB. He then went on to become a representative of CIMB Bank Berhad in Singapore from September 2013 to mid-2014.
The ban from MAS seeks to deter similar misconduct
Commenting on the ban, Mr. Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “Finance professionals must conduct themselves honestly in the course of their work, since they are very often entrusted to handle customers’ monies and assets.
MAS will not hesitate to take firm action against those who fall short of the required standards of behaviour. The present case is egregious and a large sum was misappropriated. This warrants a prohibition order of considerable duration to protect consumers, deter similar misconduct and preserve the integrity of our markets.”