MAS slams 6 ex-Great Eastern financial advisers with prohibition orders

This follows after the six individuals were convicted of tax evasion.

The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders to six former Great Eastern financial advisers convicted of tax evasion offences.

Chan Jun Yu, Chanel Quah Hui Wen, Lim Zhan Yi, Sherlin Chia Hee Ping, Tang Hong Kong Jackie, and Yvonne Quah were earlier convicted of tax evasion offenses under section 96(1) b of the Income Tax Act. 

On 16 September 2022, they were sentenced to imprisonment ranging from four days to eight weeks, and penalties ranging from $7,965.00 to $113,829.02. This follows after they were found to have engaged a third party to assist them in falsely inflating their business expenses for their income tax returns. This reduced their income taxes by $124,658 for the 2018 and 2019 years of assessment, MAS said.

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The six former agents were part of the same team in Great Eastern Financial Advisers Private Limited.

They are now prohibited from providing any financial advisory service, 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 2001.

They are also not allowed to carry on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.