SINGAPORE: A former director of wealth planning at DBS Bank has been handed 10-year restraining orders after he tricked clients into transferring a total of S$490,000 into his personal bank account.

Marcus Loh Thim Mun received the prohibition orders from the Monetary Authority of Singapore (MAS). The orders took effect on Wednesday (March 16) after Loh was found guilty of cheating and forgery offenses, and enjoying the benefits of his criminal conduct.

On January 6, 2021, Loh was sentenced by the court to 33 months in prison for his offenses.

Between October 2018 and November 2018, Loh deceived seven clients by transferring a total of S$490,000 to his personal bank account while representing DBS.

Loh falsely informed some of those clients that their money would be placed in fixed deposit accounts with DBS, MAS said.

He also told a client he could participate in a DBS stock plan and he forged a letter confirming the client’s money was put into the plan.

He then used some of the money to buy virtual credits from an illegal gambling site.

“Loh’s actions have given MAS reason to believe that it will not honestly provide financial advisory and capital markets services,” MAS said.

“Although Loh is no longer an appointed representative in Singapore, the restraining orders were issued against him to protect the integrity of Singapore’s financial sector.”

Under the prohibition orders, Loh may not provide any financial advisory services, participate in the management, act as a director or become a significant shareholder of any financial advisory firm under the Financial Advisory Act 2001. financial advisers, said MAS.

He is also not permitted to engage in any regulated activity or participate in the management, act as a director or become a significant shareholder of a capital markets services company under the Securities and Futures Act 2001.