MAS takes Civil Penalty Enforcement Action Against Lee Hon Sun for Contravening Law against Employment of Manipulative and Deceptive Devices
Singapore, 18 January 2013… The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Lee Hon Sun for contravening Section 201(b) of the Securities and Futures Act (SFA), which prohibits the employment of manipulative and deceptive devices in connection with the subscription, purchase or sale of securities.
2 Mr Lee had opened a securities trading account with Phillip Securities Pte Ltd (PSPL) for the purpose of allowing a third party to trade and had deceived PSPL that the account was opened and operated for his benefit when the beneficial owner of the account was in fact the third party.
3 Mr Lee has admitted to contravening Section 201(b) of the SFA and paid MAS a civil penalty of $50,000, without court action.
4 The matter was referred to MAS by Singapore Exchange Securities Trading Ltd.