Ex-remisier charged with breach of Securities and Futures Act

-
An ex-remisier has been charged with defrauding under the Securities and Futures Act - the first prosecution case by the Monetary Authority of Singapore (MAS) under the MAS-CAD (Commercial Affairs Department) joint investigation regime.

Comments

Guanyu said…
Ex-remisier charged with breach of Securities and Futures Act

Claire Huang
23 July 2016

An ex-remisier has been charged with defrauding under the Securities and Futures Act - the first prosecution case by the Monetary Authority of Singapore (MAS) under the MAS-CAD (Commercial Affairs Department) joint investigation regime.

Malaysian Dennis Tey Thean Yan, 32, was on Friday charged with 18 counts under Section 201(a) of the Act.

He allegedly defrauded via market manipulation in 11 stocks provided by IG Asia Pte Ltd between Oct 2012 and Jan 2013.

The 11 securities mentioned in court documents are: Asia Power Corp, China Aviation Oil, China Energy, China Flexible Packaging Holdings, Delong Holdings, Full Apex Holdings, Li Heng Chemical Fibre Tech, Pan Hong Property Group, Sinostar Pec Holdings, Samudera Shipping Line and World Precision Machinery.

Tey is accused of entering fraudulent orders in these securities so as to artificially increase their best bid prices or lowering their best ask prices.

Court documents said this is so he could buy or sell the contracts for difference (CFD) at the artificially raised or lowered prices.

He is also accused of deleting the fraudulent orders in the securities after the purchase or sale of the CFDs.

The remaining seven charges state that Tey allegedly carried out similar market manipulation in seven securities provided by CMC Markets Pte Ltd.

The seven securities are: Bund Center Investment, China XLX Fertilizer, ECS Holdings, Guocoland, Manhattan Resources, Pacific Century and World Precision Machinery.

Tey faces a further five charges under Section 201(b) of the Act where he is accused of deceiving four firms - CMC Markets Singapore, IG Asia, DBS Vickers Securities and DMG & Partners Securities - by using the accounts of four individuals to buy and sell shares without authorisation between Oct 2012 and Jan 2013.

The maximum punishment on each charge is a fine of S$250,000 or jail term of seven years, or both.
July 23, 2016 at 2:13 PM
Post a Comment

Popular posts from this blog

Two ex-UOBKH staff charged with lying to MAS over due diligence reports on a Catalist aspirant

-
TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant.   Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange.   MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs).   During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issu...
Read more