Chew, a former representative of Prudential Singapore, had cheated five victims of a total of $325,310 by getting them to make lump-sum premium payments for insurance policies and later using the money for his own purposes. He was sentenced to 45 months of imprisonment.
He also used his clients' names without their knowledge to forge 36 payment vouchers to show he paid referral fees to these individuals in his documentary evidence to the Inland Revenue Authority of Singapore. He was sentenced to four months in prison and fined S$151,045. Poh, Chew, Goh and Lam have been banned from carrying on business or taking part in the management of any insurance intermediary under the Insurance Act.
TMF also identified and sought to address the root cause of the failures with the assistance of an independent consultant. Prompt remedial measures to address all deficiencies were also taken.
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