Former AIA agent banned from practice for 8 years for cheating widow

Former AIA agent banned from practice for 8 years for cheating widow

Yahoo Singapore·2018-01-25 06:10

A former insurance agent has been been banned from practice for eight years by the Monetary Authority of Singapore (MAS), which issued two prohibition orders against him.

In a statement on Wednesday (24 January), MAS said that Tan Peng Khoon is prohibited from providing any financial advisory service, and taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm. He is also forbidden from carrying on business and taking part in the management of any insurance intermediary.

While a representative of AIA Singapore Private Ltd (AIA), Tan deceived a customer into signing documents to surrender a personal life policy for a cash value of $2,018 and to take a policy loan of $6,500. The customer was an elderly, widowed factory worker who did not understand English.

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