The Monetary Authority of Singapore (MAS) today issued a 9-year prohibition order (PO) against a former representative of OCBC Bank, Mr Hoi Wei Kit, following his conviction for offences under the Penal Code (PC) and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
2 Between October 2017 to January 2018, Mr Hoi defrauded five OCBC customers by inducing them to sign up for fictitious time deposit accounts that he claimed were offered by OCBC. This led to a total of $170,000 being transferred out of their respective OCBC accounts, which Mr Hoi then arranged to be transferred into his own bank account.
3 For his misconduct, Mr Hoi was convicted on 21 February 2022 of five counts of cheating under section 420 of the PC, one count of acquiring benefits from criminal conduct under section 47(1)(c) of the CDSA and one count of giving false information to a public servant
4 The convictions gave MAS reason to believe that Mr Hoi will not perform financial advisory services honestly. Under the PO, which took effect today, Mr Hoi is prohibited for a period of nine years from providing any financial advisory services, 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 (FAA).
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- [1] Mr Hoi was also convicted of one count of giving false information to a public servant with intent to cause a public servant to use his lawful power to the injury of another person under section 182 of the PC (Cap 224, Rev Ed 2008). This offence is unrelated to his financial advisory role in OCBC.
Additional Information
Section 420 of the Penal Code (Cap. 224, 2008 Rev Ed)
Whoever cheats and thereby dishonestly induces the person deceived to deliver 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 47(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Chapter 65A
Any person who (a) conceals or disguises any property which is, or in whole or in part, directly or indirectly, represents, his benefits from criminal conduct; (b) converts or transfers that property or removes it from the jurisdiction; or (c) acquires, possesses or uses that property, shall be guilty of an offence.
