Singapore Court Sentenced One Asia Investment Partners ex-Fund Manager & Director Sun Weiyeh to 6 Months Jail of Defrauding Investors in OTC Bonds by Selling Bonds from Fund A at Lower Prices to Fund B (Sun Weiyeh Majority Investor) & Causing Fund A to Lose $342,500, One Asia Investment Partners License was Revoked by Singapore MAS in 2017
3rd July 2024 | Hong Kong
A Singapore court has sentenced One Asia Investment Partners ex-fund manager & director Sun Weiyeh to 6 months jail of defrauding investors in OTC Bonds (Over-the-Counter) by selling bonds from Fund A at lower prices to Fund B (Sun Weiyeh is majority investor), causing Fund A to lose $342,500. One Asia Investment Partners license was revoked by Singapore MAS in 2017. Monetary Authority of Singapore (MAS, 2/7/24): “Mr Sun Weiyeh, a former fund manager and director of One Asia Investment Partners (OAIP) , was convicted on 11 April 2024 and sentenced today to 6 months’ imprisonment for engaging in acts which were likely to defraud investors. This is the first conviction under the Securities and Futures Act (SFA) for fraudulent or deceptive conduct relating to over-the-counter (OTC) bond trading. Mr Sun was charged on 22 October 2020 for two counts under Section 201(b) of the SFA for engaging in acts which were likely to defraud investors of a fund managed by OAIP (Fund A). He had sold two OTC bonds at lower prices from Fund A to another OAIP fund (Fund B) of which he was the majority investor, while knowing that there were earlier available bids at higher prices. Mr Sun subsequently sold the two bonds to the market at a profit. Mr Sun’s act caused a US$342,500 loss to investors in Fund A. Mr Sun carried out his misconduct by first soliciting bids from various market participants via the Bloomberg chat messaging system. He then used lower bid prices as the reference prices to sell the two OTC bonds from Fund A to Fund B via pass-through trades through an intermediary, instead of selling the bonds to a market participant who had offered higher prices or using those higher prices as the reference prices for the pass-through trades. Following a 26-day trial, the District Court found Mr Sun guilty of both charges. This case was jointly investigated by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force.” More info below:
“ Singapore Court Sentenced One Asia Investment Partners ex-Fund Manager & Director Sun Weiyeh to 6 Months Jail of Defrauding Investors in OTC Bonds by Selling Bonds from Fund A at Lower Prices to Fund B (Sun Weiyeh Majority Investor) & Causing Fund A to Lose $342,500, One Asia Investment Partners License was Revoked by Singapore MAS in 2017 “
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments and Financial Crime), MAS: “As a director and portfolio manager of the fund management company, Mr Sun owed a duty to its investors to act in their interest at all times. MAS will take to task persons who abuse their position in the financial sector for personal gain, to the detriment of investors.”
Singapore MAS (22/10/20): “Mr Sun Weiyeh, a former fund manager, was charged today under the Securities and Futures Act (SFA) for acts that were likely to defraud investors. Mr Sun was a director of One Asia Investment Partners Pte. Ltd. (OAIP) from October 2014 to January 2017. Mr Sun faces two charges under section 201(b) of the SFA for engaging in acts that were likely to defraud investors of a fund managed by OAIP. He is accused of selling two bonds at lower than market prices from the fund to another OAIP fund when he knew that there were offers at higher prices for the bonds.”
Singapore MAS (11/4/17): “The Monetary Authority of Singapore (MAS) has revoked the capital markets services licence (CMSL) of One Asia Investment Partners Pte. Ltd. (OAIP) with effect from 11 April 2017. This means that OAIP has ceased to be a licensed fund management company and is no longer permitted to carry on business in fund management in Singapore. OAIP has been issued a winding up order by the High Court of Singapore on 17 March 2017 and is in the process of being wound up. Accordingly, MAS has revoked OAIP’s CMSL under section 95(5)(a) of the Securities and Futures Act (Cap. 289) (SFA) on the grounds that OAIP is in the course of being wound up in Singapore. The board of directors and the management team of OAIP had not demonstrated that they were able to manage OAIP effectively. OAIP’s financial condition deteriorated and subsequently OAIP was issued a winding up order by the High Court of Singapore. The board of directors of every financial institution has a duty to ensure that the firm has effective management oversight over its operations and financials, and that the firm remains compliant with MAS’ rules and regulations at all times.”
Singapore Court Sentenced One Asia Investment Partners ex-Fund Manager & Director Sun Weiyeh to 6 Months Jail of Defrauding Investors in OTC Bonds by Selling Bonds from Fund A at Lower Prices to Fund B (Sun Weiyeh Majority Investor) & Causing Fund A to Lose $342,500, One Asia Investment Partners License was Revoked by Singapore MAS in 2017
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