The Monetary Authority of Singapore (MAS) has issued ten-year prohibition orders against Loh, which took effect on 16 March.
Under the orders, Loh is prohibited from providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm, as well as performing any regulated activity or from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital markets services firm.
The penalty against Loh, a former wealth planning manager with DBS Bank, was issued following his conviction in the state courts for cheating, forgery and using the benefits of his criminal conduct.
The court heard that Loh told seven clients in October and November 2018 that their money was placed in fixed deposit accounts with DBS, but actually transferred a total of S$490,000 ($361,359.61) to his personal account instead.
The wealth manager also told a client that he could participate in a DBS share ownership scheme through Loh and forged a letter confirming the placement of the client’s monies in the scheme.
Part of the fraudulent amount was used to purchase virtual credits on an unlawful gambling site.
In January last year, Loh was convicted of cheating and forgery and was sentenced to 33 months imprisonment.
“Loh’s actions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly. While Loh is no longer an appointed representative in Singapore, the [prohibition orders] were issued against him to safeguard the integrity of Singapore’s financial sector,” said Singapore’s central bank.