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Seven people were cheated by a 33-year-old former financial planner who allegedly forged and misrepresented insurance policy documents.
The accused has been charged in court for cheating and forgery offences in relation to his selling of Investment-Linked Policies (ILP).
Before 2013, the accused sold insurance savings plans from an insurance company to these clients while working at a major local bank.
In 2013, the accused left the insurance company and joined a second insurance company as a financial planner.
The accused then contacted the seven clients with the intent to sell them ILPs offered by the second insurance company.
The accused misrepresented to them that if they bought the ILPs, the policy value of their existing savings plans from the first insurance company would be brought over to their ILP from the second insurance company.
The seven victims were thereby induced to purchase the ILPs from him.
To support his misrepresentations, the accused forged various documents purporting to be from the two insurance companies to create the impression that the policy values of their savings plans had been transferred over to their ILP.
As a result of the accused’s misrepresentations, the victims had stopped paying premiums on their savings plans of the first insurance company.
Unbeknownst to the victims, the policy values from the first insurance company’s policies weren't brought over and their savings plans lapsed.
Collectively, more than $22,000 worth of premiums paid for the savings plans from the first insurance company were forfeited as a result of policy lapse.
The accused has been charged in court on Friday (Dec 6) with the following offences: