Jail for ex-insurance agent who cheated victim of over $543k in fake investment schem
#1

https://www.straitstimes.com/singapore/c...ent-scheme
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#2

This weak MIW still refused to accept that we have an aging population in the past decade without he preventive steps and heavy penalties to protect the 5 Groups of vulnerable. Calling them Govt is way too high label and tall hats.
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#3

(10-12-2024, 08:38 AM)Wy:Nox Wrote:  This weak MIW still refused to accept that we have an aging population in the past decade without he preventive steps and heavy penalties to protect the 5 Groups of vulnerable. Calling them Govt is way too high label and tall hats.

Crime prevention is only for wayang lah.

“Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind"
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#4

The guy has more than half million he should be wiser rite? Maybe that half million also not very clean... Now let cat out of bag??!?
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#5

Only jail? Come out change name and cheat more people.

Isn't one case enough for PAP to learn?

Yet they still sit around as part-timers.

Why do we need 5 Mayors and 80 PAP Ministers? 
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#6

About time to stop gamblers from the 20 professions related to property, bank, insurance etc.

Win the World but lost your Soul. 
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#7

Some insurance company is full of dishonest agents.
I am also scammed, and now appealing... to get my money back.
It is very disheartening to see those dishonest insurance agents can get high commission earned, and yet without being penalized!!

There is a serious issue of supervisory control in the insurance company.
MAS should penalize those insurance company with heavy fine for this kind of cases, so that they can improve on the supervisory control on the agents. Like a phone call to the client to confirm the critical information on the insurance policy before proceeding further.

Otherwise, the insurance company will just act blur, oh, it is the agent's fault, nothing to do with the company!!
Come on, you employ the agent, you have to be fully responsible for the dishonest agent, and if required, you should sue the agent for dishonesty!
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#8

Now I learnt my lesson. if I want to buy any insurance or investment product, I will only engage trustworthy agent that can provide quality service even after sales. The agent must be with proven records and recommended by my trustworthy friends.

My hard rules now are:
1. I will not engage any agent from streets, from calls, etc.
2. I will not engage agent that I know, unless there are proven trustworthy records and have been in the same insurance company for at least 10 years.

If you anyhow get a not trustworthy agent to buy an insurance product:
1. You may be scammed by the agent, if you are not careful, as the agent is more familiar with the policy and process.
2. The agent may disappear after months working in the company.
3. The agent may disappear just after you have purchased the insurance product.
4. The agent may promise you this and that e.g. will serve you well after the purchase, but never keep his promise. All empty promises!!

Don't be too kind to the agents. Do not trust anything the agent says to you. Beware that the agent may hide some critical information about the policy from you for his own benefit.

I have heard that some well established insurance company agent will buy you a bottle of vitamins, once you sign on the dot, then say bye bye to you!! The agent treats you as a 'stupid' guy!!

Hope nobody else will fall into the scamming trap like me.
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#9

https://www.todayonline.com/singapore/ma...t-products
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#10

Some examples of dishonest insurance agents in Singapore include:

Six former Great Eastern Financial Advisers (GEFA) agents
In 2022, these agents were convicted of falsifying expense claims on their income tax returns. They claimed false business expenses of $604,318, which reduced their income taxes by $92,638. The agents were given jail sentences and fines. The Monetary Authority of Singapore (MAS) also issued five-year prohibition orders against them.

Tan Wei Chong
This agent cheated his friend's family of about S$310,000 by offering them both real and fictitious insurance policies. He used the money for gambling and his own expenses. He was sentenced to 30 months' jail.

Gng
This former insurance agent misappropriated S$117,160.94 from his client between 2012 and 2018. He used the money for his own expenses instead of paying Prudential, causing three of his client's policies to lapse. He was sentenced to 20 months' jail and MAS issued him an 8-year prohibition order.

Xie
This former insurance agent cheated his aunt of $55,000. He told her that she could receive better returns if she paid her yearly premiums in advance as a lump sum. He never transferred the money to AXA and instead lost it in investments.

Koh Kesheng Stedtson
This former insurance agent was convicted of forgery and cheating. MAS issued him a six-year prohibition order.
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#11

MAS bans two former insurance agents for dishonest conduct
Singapore, 2 December 2020... The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former insurance agents for dishonest conduct:

Name Duration of POs
Mr Chong Yoon Loi,
former representative of Aviva Financial Advisers Pte Ltd (AFA) 4 years
Mr Suresh Kannan,
former representative of The Great Eastern Life Assurance Company Limited (GEL) 2 years
2 The POs were issued against these individuals following MAS’ investigations into their dishonest conduct involving the sale of integrated shield plans. The POs took effect from 2 December 2020.

Four-year POs against Mr Chong Yoon Loi

3 Mr Chong is prohibited for a period of four years from (i) providing any financial advisory service, 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 (Cap. 110) (FAA); and (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (Cap. 142) (IA)[1].

4 Between May and August 2017, Mr Chong sold integrated shield policies from Aviva Ltd to three policyholders who had already purchased such policies from another insurer when they were in good health. Mr Chong wilfully misled two of the policyholders into believing that they could hold more than one integrated shield policy, when their applications for the new integrated shield policies would in fact result in the termination of their previous policies. This could have resulted in serious consequences for the policyholders, as new insurance policies do not cover medical conditions that policyholders already suffer from at the time of entry into force of the policies. Hence, the policyholders could have lost insurance cover for medical conditions that they had developed since the purchase of their original policies.

5 Mr Chong had also intentionally provided various false information in the applications of the three policyholders to Aviva Ltd and AFA. He did this mainly to prevent the policyholders from being identified as vulnerable clients which might have led to AFA contacting them to ensure that they had understood the policies that they were purchasing.

Two-year POs against Mr Suresh Kannan

6 Mr Kannan is prohibited for a period of two years from (i) providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and (ii) carrying on business as, or taking part in the management of, any insurance intermediary under the IA[2].

7 In March 2018, Mr Kannan forged the signature of one policyholder in an application for the purchase of an integrated shield plan. Mr Kannan also declared in the application form that the policyholder did not have any pre-existing medical conditions, without checking with the policyholder if this was true. This conduct could have resulted in the policy being rendered invalid, and the policyholder denied insurance cover, due to the non-disclosure of material information to the insurer.
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#12

https://www.reddit.com/r/askSingapore/co...?rdt=56426
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#13

What is the failure rate for insurance agents?
In fact, many agents new to insurance are fearful, knowing they face a high risk of failure. How many agents quit selling insurance? There isn't an exact number. But we figure somewhere between 90% and 95% of agents quit in their first 12 months of receiving their license.
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#14

https://www.straitstimes.com/singapore/i...ing-client
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