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Singapore MAS Issues 15 Years Ban on Former UOB & OCBC Advisor for $1.18 Million Fraud, 7 Years Jail for Cheating 7 Clients with Fake Fixed Deposits & Investment Products to Transfer Money to Victims, Himself, Brother & Ex-Girlfriend

7th December 2022 | Singapore

Singapore central bank Monetary Authority of Singapore (MAS) has issued a 15 years ban (prohibition order) on former UOB & OCBC advisor (Han Delong) for $1.18 million fraud (S$1.96 million), after his Singapore court conviction to 7 years jail for cheating 7 clients with fake fixed deposits & investment products to transfer money to other victims, himself, brother & ex-girlfriend.   Singapore MAS: “Between February 2015 and April 2018, Mr Han deceived seven customers into transferring S$1,969,000 to his personal bank accounts, by promoting fictitious fixed deposits and other investment products to the customers. He forged bank documents to give the impression that the transactions were genuine. Mr Han used the monies cheated from the victims for his own benefit, including transferring some to his brother and former girlfriend, and repaying other victims. These offences took place while Mr Han was employed as a representative for UOB and OCBC and even after he left the employment of both banks.”  MAS on Singapore Court Conviction: “On 9 April 2021, Mr Han pleaded guilty and was convicted by the State Courts of 27 charges, namely 5 counts of criminal breach of trust, 7 counts of cheating, 1 count of forgery with the intent to cheat under the Penal Code, and 14 counts of transferring property which are benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Another 67 charges were taken into consideration for the purposes of sentencing. Mr Han was sentenced to 7 years’ imprisonment.”  Han Delong was a Senior Personal Banker at UOB (2014 to 2015) and Relationship Manager at OCBC (2016 to 2017).  See below for MAS announcement. 

“ Singapore MAS Issues 15 Years Ban on Former UOB & OCBC Advisor for S$1.96 Million Fraud, 7 Years Jail for Cheating 7 Clients with Fake Fixed Deposits & Investment Products to Transfer Money for Victims, Himself, Brother & Ex-Girlfriend “

 

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Announcement – MAS issues Prohibition Order against Mr Han Delong for fraudulent and dishonest conduct

UOB & OCBC Headquarters, Singapore

MAS issues Prohibition Order against Mr Han Delong for fraudulent and dishonest conduct

Singapore, 7 December 2022… The Monetary Authority of Singapore (MAS) has issued 15-year prohibition orders (POs) against Mr Han Delong, a former representative of United Overseas Bank Ltd (UOB) and Oversea-Chinese Banking Corporation Limited (OCBC)Mr Han held the position of Senior Personal Banker during his employment at UOB between August 2014 and December 2015, and the position of Relationship Manager during his employment at OCBC between March 2016 and January 2017. . This follows his conviction for criminal breach of trust, cheating, forgery, and transferring and converting benefits of his criminal conduct.

Under the POs, which took effect on 7 December 2022, Mr Han is prohibited from providing any financial advisory service, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act 2001. He is also prohibited from performing any regulated activity and 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 February 2015 and April 2018, Mr Han deceived seven customers into transferring $1,969,000 to his personal bank accounts, by promoting fictitious fixed deposits and other investment products to the customers. He forged bank documents to give the impression that the transactions were genuine. Mr Han used the monies cheated from the victims for his own benefit, including transferring some to his brother and former girlfriend, and repaying other victims. These offences took place while Mr Han was employed as a representative for UOB and OCBC and even after he left the employment of both banks.

On 9 April 2021, Mr Han pleaded guilty and was convicted by the State Courts of 27 charges, namely 5 counts of criminal breach of trust, 7 counts of cheating, 1 count of forgery with the intent to cheat under the Penal Code, and 14 counts of transferring property which are benefits from criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. Another 67 charges were taken into consideration for the purposes of sentencing. Mr Han was sentenced to 7 years’ imprisonment.

These convictions gave MAS reason to believe that Mr Han had not performed and will not perform financial advisory services honestly. While Mr Han is no longer an appointed representative in Singapore, the POs were issued against him to safeguard the integrity of and trust in Singapore’s financial sector.

Section 409 of the Penal Code (Cap. 224, Rev Ed 2008)

Under this section, whoever being in any manner entrusted with property, or with any dominion over property, in his capacity of a public servant, or in the way of his business as a banker, a merchant, a factor, a broker, an attorney or an agent, commits criminal breach of trust in respect of that property, shall be punished with imprisonment for a term which may extend to 20 years, and shall also be liable to fine.

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

Under this section, whoever commits forgery, intending that the document or electronic record forged shall be used for the purpose of cheating, shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.

Section 47(1)(b) 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 converts or transfers any property or removes it from the jurisdiction 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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