Financial advisor arrested after using client's cash payment to pay off his own debts

A 30-year-old man was arrested on Thursday (June 24) after allegedly misappropriating money to pay off his debts.

The police said they received a report on June 18, about how "one of the staff from a company had purportedly misappropriated money belonging to the company".

Through investigations, officers from Bedok Police Division arrested the man for criminal breach of trust by an agent.

Preliminary investigations revealed that the man was employed as a financial advisor, had allegedly received cash payment from a client and used the money to pay for his existing debts.

Police investigations are ongoing.

The offence of criminal breach of trust by an agent carries a jail term of up to 20 years and a fine.

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