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Teo Hui-Ni Sumiko-Jill (“Teo”), a former remisier with Maybank Kim Eng Securities Pte Ltd (“MBKE”) was sentenced to 13 years and 6 months imprisonment on 7 April 2026 after she was convicted for 20 charges under the Penal Code comprising: 

1. 15 counts of committing criminal breach of trust as an agent under Section 409(1)(b) of the Penal Code;
   
   
2. Four counts of fraudulently using as genuine a forged document under Section 471 read with Section 465 of the Penal Code; and
   
   
3. One count of forgery under Section 465 of the Penal Code read with Section 124(4) of the Criminal Procedure Code.

36 other charges under the Penal Code were taken into consideration for the purposes of sentencing.

Misappropriation of victims’ funds

Between February 2020 and December 2021, Teo leveraged her position as a remisier and falsely represented to ten victims that she had access to initial public offerings, share placements or shares in companies listed on foreign stock exchanges. Consequently, these victims entrusted more than S$11 million with Teo for the purposes of subscribing for or purchasing these shares. 

Teo dishonestly misappropriated these monies to, inter alia, return monies to her family members and other clients who had previously invested with her; cover trading losses, purchase shares for herself and other clients; and fund her personal loans and expenses.

The use and creation of fictitious share trading records

To prevent her victims from discovering her misappropriation, Teo employed two methods to create a false impression that their monies were applied towards the intended share purchases and / or subscriptions by:

1. Providing fictitious share trading records to three victims, purportedly issued by MBKE, setting out the purported share transactions and / or balances; and
   
   
2. Creating false share transaction records using a victim’s MBKE  online trading platform credentials. 

By doing so, these victims were deceived into believing that Teo had successfully procured shares on their behalf and allowed Teo to have continued access to their trading accounts and funds for almost two years. 

Abscondment and subsequent arrest

On 26 January 2022, a victim discovered that Teo did not make the purported share purchases on his behalf. Teo fled Singapore the next day after being confronted by the victim. Following a police report, authorities issued a Warrant of Arrest and an INTERPOL Red Notice against Teo.

Pursuant to the INTERPOL Red Notice, Teo was arrested in Madrid, Spain on 22 August 2022. However, she applied for asylum in September 2022 and was remanded in Spain. After her asylum application was rejected, Teo was extradited to Singapore on 27 July 2023.