A former Singapore-based financial planner has been charged with cheating and forgery offences in relation to selling investment-linked policies (ILPs). Seven clients collectively lost more than S$22,000 in policy premiums.Stedtson Koh, a financial planner working in an unnamed local bank sold Prudential policy. He subsequently joined Manulife as a financial planner. He convinced his clients that if they buy a new ILP with his new insurer - they would be able to fold in the existing policy. He is accused of forging documents to back up his claims that their policies would be merged.
As a result, his client stopped paying into the savings plans they had taken out with the first insurance company. The original ILPs subsequently lapsed and their premiums were lost.
Stedtson Koh was charged with 14 offences; seven charges were for cheating and seven for forgery for the purpose of cheating. He could face 10 years’ imprisonment and a fine for the seven counts of cheating. Also, he could face a 10-year sentence and a fine for the seven counts of forgery for the purpose of cheating.
No comments:
Post a Comment