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Singapore Court Sentenced 2 Individuals to 12 Weeks & 4 Months of Jail Respectively for Insider Trading of Broadway Industrial Group Shares, Profited S$43,377 & S$77,906 & Paid Broadway CFO S$30,000 for Information
15th April 2023 | Singapore
A Singapore court has sentenced 2 individuals to 12 weeks and 4 months of jail respectively for insider trading of Broadway Industrial Group shares, profiting S$43,377 & S$77,906 and paying Broadway CFO S$30,000 for the inside information (profit-sharing). Singapore MAS: “Mr Tay Yew Khem and Ms Hui Choy Leng have been convicted and sentenced to 12 weeks’ imprisonment and 4 months’ imprisonment respectively for insider trading in the shares of Broadway Industrial Group Limited (BIGL), and for other offences under the Securities and Futures Act (SFA) and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). In July and August 2016, Mr Tay and Ms Hui received from Mr Tan Chee Keong, then the Chief Financial Officer of BIGL, non-public and material information concerning BIGL’s sale of its businesses. Thereafter, Mr Tay and Ms Hui purchased BIGL shares, ahead of the company’s announcement on 22 August 2016 that it had entered into a conditional sale and purchase agreement to sell two of its businesses. After the company’s announcement on 22 August 2016, both Mr Tay and Ms Hui sold BIGL shares and made profits of $43,377 and $77,906 respectively. In addition, Mr Tay gave $30,000 to Mr Tan as his agreed share of profits.” See below for full MAS statement.
“ Singapore Court Sentenced 2 Individuals to 12 Weeks & 4 Months of Jail Respectively for Insider Trading of Broadway Industrial Group Shares, Profited S$43,377 & S$77,906 & Paid Broadway CFO S$30,000 for Information “
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Singapore Court Sentenced 2 Individuals to 12 Weeks & 4 Months of Jail Respectively for Insider Trading of Broadway Industrial Group Shares
14th April 2023 – Mr Tay Yew Khem and Ms Hui Choy Leng have been convicted and sentenced to 12 weeks’ imprisonment and 4 months’ imprisonment respectively for insider trading in the shares of Broadway Industrial Group Limited (BIGL), and for other offences under the Securities and Futures Act (SFA) and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
In July and August 2016, Mr Tay and Ms Hui received from Mr Tan Chee Keong, then the Chief Financial Officer of BIGL, non-public and material information concerning BIGL’s sale of its businesses. Thereafter, Mr Tay and Ms Hui purchased BIGL shares, ahead of the company’s announcement on 22 August 2016 that it had entered into a conditional sale and purchase agreement to sell two of its businesses.
After the company’s announcement on 22 August 2016, both Mr Tay and Ms Hui sold BIGL shares and made profits of $43,377 and $77,906 respectively. In addition, Mr Tay gave $30,000 to Mr Tan as his agreed share of profits.
On 6 March 2023, Mr Tay pleaded guilty to and was convicted of two charges of insider trading under section 219(2)(a) of the SFA, and one charge of transferring benefits from criminal conduct under section 47(2)(b) of the CDSA. Ten charges under section 219(2)(a) of the SFA were taken into consideration for the purpose of sentencing. On 28 March 2023, Mr Tay was sentenced to 12 weeks’ imprisonment.
On 14 April 2023, Ms Hui pleaded guilty to and was convicted of two charges of insider trading under section 219(2)(a) of the SFA. Four charges under section 219(2)(a) of the SFA and one charge under section 201(b) of the SFA were taken into consideration for the purpose of sentencing. On 14 April 2023, Ms Hui was sentenced to 4 months’ imprisonment. Mr Tan, Mr Tay, and Ms Hui have paid $30,000, $43,377, and $77,906 respectively to the State, as disgorgement of their share of profits from the offences.
Mr Tay’s and Ms Hui’s convictions were a result of a joint investigation conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force. The investigations against the two individuals arose from a referral by the Singapore Exchange Securities Trading Limited.
Mr Tan was the Chief Financial Officer of BIGL from 5 October 2015 to 8 August 2017.
Singapore Court Convicts Former Chief Financial Officer of SGX-listed Company for Insider Trading and Acquiring Benefits from Criminal Conduct
June 2022 – Mr Tan Chee Keong (Mr Tan) was today convicted and sentenced to 3 months and 2 weeks’ imprisonment for insider trading and acquiring benefits from criminal conduct. At the time of the commission of the offence, Mr Tan was the Chief Financial Officer of Broadway Industrial Group Limited (BIGL), a company listed on the Mainboard of the Singapore Exchange.
Mr Tan pleaded guilty to and was convicted of a charge under section 218(3)(a) of the Securities and Futures Act (SFA) for communicating non-public and material information (insider information) concerning BIGL shares to one of his friends, and a charge under section 47(1)(c) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) for acquiring a sum of money from that friend. A remaining charge under the SFA, for communicating insider information concerning BIGL shares to another friend, was taken into consideration for the purpose of sentencing.
Between March and August 2016, BIGL was in discussions with Platinum Equity Advisors, LLC to sell two of its businesses. Mr Tan was privy to insider information on the deal and disclosed the information to two friends on numerous occasions, knowing that they would likely purchase BIGL shares. The two individuals subsequently purchased and sold shares in BIGL and made profits. In October 2016, Mr Tan received $30,000 in cash from one of these friends, which was his share of the profits from the insider trade. Mr Tan has paid $30,000 to the state, as disgorgement of his share of the profits from the offence.
The investigations against Mr Tan arose from a referral by the Singapore Exchange Securities Trading Limited. Mr Tan’s conviction was a result of a joint investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force. The court proceedings against the two individuals who are alleged to have received insider information from Mr Tan are ongoing.
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “As the chief financial officer of a listed company, Mr Tan owed a duty to the company and its shareholders not to divulge price-sensitive information that has not been disclosed to the market at large. His act of conveying such information to his friends to benefit them and himself undermines public confidence in the transparency and integrity of our capital market. MAS will continue to pursue officers of companies who engage in such misconduct, to ensure a level playing field for all market participants.”
(A) Section 219(2)(a) of the SFA (Cap 289)
Section 219(2)(a) prohibits a person who is not connected to any corporation but is in possession of materially price-sensitive information, which he knows is materially price-sensitive and not generally available, and the information would have a material effect on the price or value of securities, from subscribing for, purchasing or selling, or entering into an agreement to subscribe for, purchase or sell these securities.
(B) Section 201(b) of the SFA
Section 201(b) prohibits a person from directly or indirectly, in connection with the subscription, purchase or sale of any securities, engaging in an act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.
(C) Section 47(2)(b) of the CDSA (Cap 65A)
Section 47(2)(b) prohibits a person from converting, transferring, or removing from jurisdiction property which he knows or has reasonable grounds to believe that it directly or indirectly represents’ another person’s benefits from criminal conduct.
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