Financial consultant who pocketed over $12k from clients sentenced to more than 3 months’ jail

Zheng Hongwei, 40, has made full restitution to the two victims. Read more at straitstimes.com.

SINGAPORE - A financial consultant at an insurance firm misappropriated more than $12,000 in total from two clients, who gave him the money for their policies’ premiums.

Over 11 years, from 2013 to 2024, he pocketed more than $7,500 from one of the victims, identified in court documents as V1. He also took $4,800 from the second victim, V2, in 2015 and 2017.

Zheng Hongwei, 40, who has made full restitution to the victims, was sentenced to three months and a week in jail on March 2.

Zheng, who was a consultant at Great Eastern Life Assurance Company at the time of the offences, pleaded guilty to four counts of criminal breach of trust and one count of forgery.

Deputy Public Prosecutor Kamen Chiang told the court that in 2013, Zheng was introduced to V1 to sell health insurance to her.

She signed up for two plans. The premiums for one of the plans were paid directly from her Central Provident Fund account.