SINGAPORE: The Monetary Authority of Singapore (MAS) has issued 12-year prohibition orders against Lee Chang Yeh Bentley, a former UOB employee who was jailed last year for committing criminal breach of trust and conducting regulated activities without a licence.
Lee worked for UOB from August 2005 to January 2010. During this time, he set up a company to invest in shares and foreign exchange on behalf of other investors, without holding a Capital Markets Services licence, said MAS in a press release on Thursday (Aug 30).
He then left UOB to manage his own fund management business. But between May 2009 to January 2013, Lee misappropriated about S$520,000 from the money entrusted to him by clients whom he had served while with UOB.
In November last year, Lee - who was also a CIMB representative from September 2013 to July 2014 - was sentenced by the State Courts to four years and nine months in jail, and fined S$50,000.
The orders, which took effect on Aug 27, prohibit Lee from performing any regulated activity under the Securities and Futures Act and any financial advisory service under the Financial Advisers Act.
He is also barred from being involved in the management, acting as a director or becoming a substantial shareholder of any capital market services firm and any financial advisory firm.
“Finance professionals must conduct themselves honestly in the course of their work, since they are very often entrusted to handle customers’ monies and assets," said MAS' assistant managing director of capital markets, Mr Lee Boon Ngiap.
"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," Mr Lee added.