SINGAPORE: A former wealth manager is facing 37 charges, including cheating and forgery, for allegedly mishandling clients’ funds and forging documents..
Between 2014 and 2019, Koh Boon Kiat is said to have misappropriated a total of S$2.65 million from five clients, aged between 45 and 81..
The 52-year-old Singaporean, who was employed as a relationship manager and private banker at DBS Bank, was charged in court on Wednesday (Oct 20)..
According to court documents, Koh allegedly forged documents, including account opening forms and fund transfer instructions, to facilitate his fraudulent activities..
He allegedly used the money to pay for his own expenses, such as property renovations and personal loans..
Koh is also accused of failing to disclose conflicts of interest to his clients..
For instance, he allegedly recommended that a client invest in a unit trust managed by his wife, even though he knew that the client was not suitable for such an investment..
Koh’s case is the latest in a string of high-profile cases involving financial misconduct by wealth managers..
In recent years, several wealth managers have been convicted of cheating and forgery, including former Citibank relationship manager Yeo Jiawei and former DBS Bank private banker Kelvin Ang..
These cases have raised concerns about the adequacy of safeguards in place to protect investors from financial misconduct..
The Monetary Authority of Singapore (MAS) has been taking steps to strengthen the regulatory framework for the financial advisory industry..
In 2019, MAS introduced new rules that require financial advisers to disclose conflicts of interest to their clients and to obtain their consent before recommending any products or services..
MAS has also been working with the financial industry to develop a code of conduct for wealth managers..
The code of conduct is expected to set out clear standards of behaviour for wealth managers and to help to prevent financial misconduct..
