Ex-insurance agent jailed 20 months for criminal breach of trust of $96,000
Published on Sep 22, 2014 12:16 PM
By Elena Chong
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SINGAPORE - A former financial services consultant was jailed for 20 months on Monday for criminal breach of trust of $96,339 which were premiums paid by an Indonesian woman for her and her family.
Steve Phoi Kok Hua, 47, was an agent of American International Assurance when he committed the offences over a span of more than 10 years. Of the total 16 charges he faced, he pleaded guilty to six in August.
A district court was told that the victim, Madam Mike Widjaja Puspo, 59, bought three life insurance policies from AIA through Phoi between 1992 and 1995 for herself, her husband and son. The annual premiums ranged from $746 to $4,540. She diligently paid the annual premiums of the policies to Phoi from 1992 to 2011.
On July 13, 2011, Madam Puspo happened to be in Singapore when she went to AIA to enquire about the policies. But the company told her that the policies had expired or had been terminated in 1998 due to non-payment of premiums. By then Phoi had left the company.
