MAS Obtains Higher Civil Penalties Against Individuals for Unauthorised Share Trading
The Monetary Authority of Singapore (MAS) has successfully obtained higher civil penalties against Mr Wang Boon Heng and Ms Foo Jee Chin for contravening section 201(b) of the Securities and Futures Act (SFA), which prohibits any conduct that operates as a fraud or deception in connection with the subscription, purchase or sale of securities.
” Civil Penalties Increases to $150,000 & $75,000 “
Mr Wang, then an undischarged bankrupt, had conducted share trading for his own benefit, in the name of Miss Foo and another person, without the consent or authorisation of DMG & Partners and UOB Kay Hian. Miss Foo was aware that trades were being carried out without the authorisation and/or consent of DMG and UOBKH.
MAS felt that the civil penalty of S$75,000 (Mr Wang) and S$50,000 (Miss Foo), imposed by the State Courts of Singapore’s ruling on 8th March 2017, did not adequately reflect the severity of the breaches. An appeal was made and the civil penalty was raised to S$150,000 and S$75,000 respectively. They are also required to pay MAS S$21,000 for the legal costs and disbursements incurred by MAS for the appeal.
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016
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