Singapore MAS Issues 2-Year Ban on Standard Chartered Bank Relationship Manager for Forgery after Singapore Court Conviction, Forged Name on Bank Account Statement in 2013
31st May 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) has issued a 2-year ban (Prohibition Order) on former Standard Chartered Bank Relationship Manager (Madison Lin & formerly known as Lin Pei-Li, Executive Director & Investment Banker) for forgery after a Singapore state court conviction (2021: Fined S$4,000), forging client name on a Standard Chartered bank account statement in 2013. Singapore MAS: “Under the POs, which took effect from 30 May 2023, Ms Lin is 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 (SFA). She is also 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 licensed or exempt financial adviser under the Financial Advisers Act 2001 (FAA). Around June 2013, Ms Lin forged an SCB Statement of Accounts of one SCB client by fraudulently altering the first page of the said Statement of Accounts to show that the account holder was another SCB client instead. On 20 August 2021, Ms Lin was convicted of 1 count of forgery under section 465 of the Penal Code. She was sentenced to a fine of $4,000.” See below for full statement.
“ Singapore MAS Issues 2-Year Ban on Standard Chartered Bank Relationship Manager for Forgery after Singapore Court Conviction, Forged Name on Bank Account Statement in 2013 “
Singapore – 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 4 years, or with fine, or with both.
Singapore MAS Issues 2-Year Ban on Standard Chartered Bank Relationship Manager for Forgery after Singapore Court Conviction
30th May 2023 – The Monetary Authority of Singapore (MAS) has issued 2-year prohibition orders (POs) against Ms Madison Lin (formerly known as Ms Lin Pei-Li), a former representative of Standard Chartered Bank (Singapore) Limited (SCB). The POs were issued following her conviction in the State Courts for 1 count of forgery.
Under the POs, which took effect from 30 May 2023, Ms Lin is 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 (SFA). She is also 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 licensed or exempt financial adviser under the Financial Advisers Act 2001 (FAA).
Around June 2013, Ms Lin forged an SCB Statement of Accounts of one SCB client by fraudulently altering the first page of the said Statement of Accounts to show that the account holder was another SCB client instead.
On 20 August 2021, Ms Lin was convicted of 1 count of forgery under section 465 of the Penal Code. She was sentenced to a fine of $4,000.
Ms Lin’s conviction gave MAS reason to believe that she has not performed and/or will not perform the type of financial advisory service for which she was appointed under the FAA honestly. It also gave MAS reason to believe that she has not carried on and/or will not carry on business in the type of regulated activity for which she was appointed under the SFA honestly.
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