- Joined
- Nov 24, 2008
- Messages
- 24,011
- Points
- 113
Lancheow lah, all these schemes have been going on for a long time, now then MAS start to crack down by going after a sacrificial lamb. If They want, they can fill up Changi prison with all the people that are doing the things they are accusing this Matlaysian chinese of doing. ravi finally woke up from his nap?
[h=1]Monetary Authority of Singapore Charges Malaysian With Spoofing[/h]
Singapore has charged a Malaysian investor with spoofing on the city’s securities market, the financial regulator said.
Dennis Tey Thean Yang was accused of buying and selling contracts for differences in the underlying securities of companies including Guocoland Ltd. and Asia Power Corp. with the intent to defraud other investors by artificially increasing or lowering bid and ask prices. He would delete the fraudulent orders after his trades, according to a filing made Friday by the Monetary Authority of Singapore and the police.
Close all those tabs. Open this email.
Get Bloomberg's daily newsletter.
The criminal charges are the first joint effort by the regulator and the Commercial Affairs Department, the police’s white-collar crime unit, since coming together in March 2015 to probe market misconduct. The case comes as Singapore steps up its efforts to protect its reputation as a financial center. The city has boosted the maximum fine for such offenses in its civil penalty regime for insider trading, which was introduced in 2004.
Tey, who could not be reached for comment, is also accused of misusing other people’s trading accounts without consent.
[h=3]Charges, Raids[/h]In May, prosecutors charged two men for insider trading offenses on two stocks before the companies received takeover offers. In an unrelated move in April, authorities raided a number of brokerages after the the city’s stock exchange reported several cases related to alleged insider trading and market manipulation.
Tey faces 23 charges for offenses related to Singapore’s Securities and Futures Act, including on a series of transactions through his accounts with brokers CMC Markets Singapore Pte and IG Asia Pte between October 2012 and January 2013, according to the filing. If convicted, he faces as long as seven years in jail and a fine of as much as S$250,000 ($184,000) for each charge.
A penny-stock rout in October 2013 prompted the city’s largest securities-fraud probe after three companies suffered an unexplained free-fall that wiped out S$8 billion over three trading days. The stocks had surged by as much as 1,000 percent over the preceding nine months.
[h=1]Monetary Authority of Singapore Charges Malaysian With Spoofing[/h]
Singapore has charged a Malaysian investor with spoofing on the city’s securities market, the financial regulator said.
Dennis Tey Thean Yang was accused of buying and selling contracts for differences in the underlying securities of companies including Guocoland Ltd. and Asia Power Corp. with the intent to defraud other investors by artificially increasing or lowering bid and ask prices. He would delete the fraudulent orders after his trades, according to a filing made Friday by the Monetary Authority of Singapore and the police.
Close all those tabs. Open this email.
Get Bloomberg's daily newsletter.
The criminal charges are the first joint effort by the regulator and the Commercial Affairs Department, the police’s white-collar crime unit, since coming together in March 2015 to probe market misconduct. The case comes as Singapore steps up its efforts to protect its reputation as a financial center. The city has boosted the maximum fine for such offenses in its civil penalty regime for insider trading, which was introduced in 2004.
Tey, who could not be reached for comment, is also accused of misusing other people’s trading accounts without consent.
[h=3]Charges, Raids[/h]In May, prosecutors charged two men for insider trading offenses on two stocks before the companies received takeover offers. In an unrelated move in April, authorities raided a number of brokerages after the the city’s stock exchange reported several cases related to alleged insider trading and market manipulation.
Tey faces 23 charges for offenses related to Singapore’s Securities and Futures Act, including on a series of transactions through his accounts with brokers CMC Markets Singapore Pte and IG Asia Pte between October 2012 and January 2013, according to the filing. If convicted, he faces as long as seven years in jail and a fine of as much as S$250,000 ($184,000) for each charge.
A penny-stock rout in October 2013 prompted the city’s largest securities-fraud probe after three companies suffered an unexplained free-fall that wiped out S$8 billion over three trading days. The stocks had surged by as much as 1,000 percent over the preceding nine months.
