MAS bans former financial representative jailed for fraud

SINGAPORE: A former representative of investment firm Wellington Management has received five-year prohibition orders from the Monetary Authority of Singapore after he was jailed for offences involving fraud and dishonesty, the regulator said on Thursday .

Younis Adnan Mohammed was a representative of the investment management firm when"in his personal capacity", he deceived online trading platform OANDA Asia Pacific into crediting S$50,000 into his personal trading account, said MAS.Younis held an online trading account with OANDA and had a pre-funding agreement with the company, said the regulator.

In March 2019, in order to meet a margin call in his trading account, Younis forged screenshots of a bank transfer and his bank account details to show that S$50,000 had been transferred to OANDA.After OANDA made a police report, Younis lied to the investigation officer that another person had impersonated him to open the trading account with the company, said the regulator.

His convictions gave MAS"reason to believe that he will not perform financial advisory or capital markets services honestly", said the regulator.Under the prohibition orders, which took effect from Wednesday, Younis is banned from providing any financial advisory services, taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm.

He is also banned from performing any regulated activity and from taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets services firm.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Korea's business leaders call on Moon to free jailed Samsung boss LeeSEOUL: Leaders of South Korea's largest conglomerates urged President Moon Jae-in on Wednesday (Jun 2) to pardon Jay Y Lee, the jailed vice ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China jails blogger who 'slandered' dead in India border clashQiu Ziming, who has over 2.5 million followers on China's twitter-like Weibo, is the first person to be jailed under a new provision of China's criminal law that bans the 'defamation of martyrs and heroes'.
Source: YahooSG - 🏆 3. / 71 Read more »

Germany bans Russian flights in tit-for-tat moveGermany has refused to issue any further permits for flights arriving from Russia in a tit-for-tat move after Moscow failed to extend German ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Everest climbers struggle to return home amid Nepal COVID-19 travel curbsClimbers returning from Mount Everest and other Himalayan peaks are struggling to find a return flight back home after Nepal banned most air ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Man jailed for throwing flower pots from 15th floorSINGAPORE: A drunk man who returned home to find the gate padlocked by his father got frustrated and threw two heavy flower pots off the 15th floor. this block only have 10th floor, dun be so lazy please 'Defence lawyer Periowsamy Otharam, who was assigned the case under the Criminal Legal Aid Scheme, said his client has been a good citizen who has been living with his father. ' Good citizen that get drunk and thrown flower pots to ground
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

COVID-19: Australian court upholds ban on most international travelCANBERRA: An Australian court on Tuesday (Jun 1) rejected a challenge to the federal government’s power to prevent most citizens from leaving the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »