Singapore MAS Charged Boutique Fund Manager Nech Capital Former Trader Pan Qi for Fraud on Employer & CGS-CIMB Securities, Executed Trades for His Relatives to Make Profit at the Expense of Company
25th August 2022 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has charged Singapore boutique fund manger Nech Capital former trader Pan Qi for fraud on employer (Nech Capital) & for deceiving CGS-CIMB Securities with unauthorised use of trading account, executing trades to make profit for his relatives at the expense of his company (Nech Capital). Singapore MAS: “Mr Pan is accused of making a series of pre-arranged trades between 4 January 2019 and 14 August 2020 in various securities (Shares in 24 companies listed on SGX), between trading accounts belonging to him and his relatives, and his former employer’s trading accounts. The trades were executed at prices which resulted in the trading accounts belonging to Mr Pan and his relatives consistently making trading profits at the expense of the company. Mr Pan is also accused of deceiving CGS-CIMB Securities, as he had allegedly failed to obtain authorisation from the brokerage firm to operate one of the trading accounts which was not under his name.” If convicted of the charges under section 201(b) of the SFA, Mr Pan faces a fine of up to $250,000 or imprisonment for a term of up to 7 years, or both, for each charge. The investigation was jointly conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.
“ Singapore MAS Charged Boutique Fund Manager Nech Capital Former Trader Pan Qi for Fraud on Employer & CGS-CIMB Securities, Executed Trades for His Relatives to Make Profit at the Expense of Company “
Joint Investigation by Singapore MAS and CAD
The investigation was jointly conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.
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