MAS issues Prohibition Orders against Dennis Tey Thean Yang for unauthorised trading and fraud

Singapore, 21 December 2017…The Monetary Authority of Singapore (MAS) has issued two prohibition orders against Mr Tey Thean Yang Dennis. Mr Tey will be prohibited for a period of 5 years from:

(i) performing any regulated activity, and taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act (SFA); and

(ii) providing any financial advisory services, and taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA).

2   Between 24 October 2012 and 8 January 2013, Mr Tey used different trading accounts to enter false orders in underlying securities, in order to temporarily change the prices of their corresponding Contract for Differences (CFD). Mr Tey then executed CFD trades at the changed prices, before removing the false orders for the underlying securities. This caused the CFD prices to move in a direction that was beneficial to him but detrimental to the CFD providers. He made a total profit of $30,239 through the scheme.

3   On 22 March 2017, Mr Tey was convicted of six charges under section 201(a) of the SFA for employing a scheme to defraud and two charges under section 201(b) of the SFA for unauthorised trading. He was sentenced to a total of 16 weeks’ imprisonment.1

4   The prohibition orders against Mr Tey were issued by the MAS pursuant to section 101A of the SFA and section 59 of the FAA and took effect from 21 December 2017.

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Notes to Editor

(A) Section 201(a) of the SFA
Under section 201(a) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any securities, employ any device, scheme or artifice to defraud.”

(B) Section 201(b) of the SFA
Under section 201(b) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any securities engage in any 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 204(1) of the SFA
Under Section 204(1) of the SFA, any person who contravenes any of the provisions that prohibit market misconduct, including section 201, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.

1 Please refer to MAS’ media release on Mr Tey’s conviction, published on 22 March 2017.
Last Modified on 21/12/2017