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Singapore MAS Bans DBS Wealth Manager 10 Years for Fraud & Dishonesty, Transferred $490,000 to Personal Bank Account for Online Gambling

19th March 2022 | Singapore

Singapore Central Bank Monetary Authority of Singapore (MAS) has issued a 10-year ban (Prohibition Order) on former DBS Bank Wealth Planning Manager Loh Thim Mun Marcus, effective on 16th March 2022 for fraud & dishonesty by transferring $490,000 to his personal bank account and using some of the money to purchase virtual credits on an unlawful gambling site.  Between October & November 2018, Marcus Loh (DBS Bank Wealth Planning Manager) had deceived 7 clients into transferring $490,000 to his personal bank account, on the pretext that the funds are being placed in DBS fixed deposits, or participating in DBS share ownership scheme and issuing forged letter for placement confirmation.  On 6th January 2021, Marcus Loh was convicted of cheating and forgery offences under the Penal Code, and an offence of using the benefits of his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, and sentenced to 33 months imprisonment.  Monetary Authority of Singapore (MAS): “Mr Loh’s actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly. While Mr Loh is no longer an appointed representative in Singapore, the Prohibition Orders were issued against him to safeguard the integrity of Singapore’s financial sector.”

“ Singapore MAS Bans DBS Wealth Manager 10 Years for Fraud & Dishonesty, Transferred $490,000 to Personal Bank Account for Online Gambling “

 


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MAS Official Statement

Singapore | Leading financial centre in Asia

Singapore MAS Bans DBS Wealth Manager 10 Years for Fraud & Dishonesty, Transferred $490,000 to Personal Bank Account for Online Gambling

The Monetary Authority of Singapore (MAS) has issued ten-year prohibition orders (POs) against Mr Loh Thim Mun Marcus, a former wealth planning manager with DBS Bank Pte Ltd (DBS). The POs, which took effect on 16 March 2022, were issued following his convictions in the State Courts for offences involving fraud or dishonesty, namely cheating, forgery and using the benefits of his criminal conduct.

Under the POs, Mr Loh is prohibited from (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001; and (ii) performing any regulated activity or from 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 2001.

Between October and November 2018, while Mr Loh was a representative of DBS, he deceived seven clients into transferring a total of $490,000 to his personal bank account. Mr Loh had falsely informed some of these clients that their monies were being placed in fixed deposit accounts with DBS. Mr Loh also told a client that he could participate in a DBS share ownership scheme through Mr Loh and forged a letter confirming the placement of the client’s monies in the scheme. Mr Loh used part of the monies to purchase virtual credits on an unlawful gambling site.

On 6 January 2021, Mr Loh was convicted of cheating and forgery offences under the Penal Code, and an offence of using the benefits of his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.  He was sentenced to 33 months imprisonment.

Mr Loh’s actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly. While Mr Loh is no longer an appointed representative in Singapore, the POs were issued against him to safeguard the integrity of Singapore’s financial sector.

 

Section 420 of the Penal Code (Cap. 224, Rev Ed 2008)

 Under this section, whoever cheats and thereby dishonestly induces the person deceived to deliver or cause the delivery of any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.

 

Section 465 of the Penal Code (Cap. 224, Rev Ed 2008)

Under this section, whoever commits forgery shall be punished with imprisonment for a term which may extend to four years, or with a fine, or with both.

 

Section 47(1)(c) punishable under section 47(6)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A, Rev Ed 2000)

Under this section, any person who acquires, possesses or uses any property which is, or in whole or in part, directly or indirectly, represents, his benefits from criminal conduct shall be punished with a fine not exceeding $500,000 or to imprisonment for a term not exceeding 10 years or to both.




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