MAS issues Prohibition Orders against Mr Prem Hirubalan for unauthorised share trading and misappropriation of customers’ monies
Singapore, 17 August 2017…The Monetary Authority of Singapore (MAS) has issued two prohibition orders against Mr Prem Hirubalan, prohibiting him for a period of 7 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 Mr Hirubalan was a representative of OCBC Securities Private Limited (OSPL) from May 2010 to May 2011. During this period, he conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around $81,000 from one of these customers. On 24 June 2016, Mr Hirubalan was convicted of charges under section 201(b) of the SFA and section 406 of the Penal Code for these offences. On 8 August 2016, he was sentenced to 10 months’ imprisonment.
3 The prohibition orders against Mr Hirubalan were issued by the MAS pursuant to section 101A of the SFA and section 59 of the FAA and took effect from 17 August 2017.
4 Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “MAS expects all finance professionals to act honestly and with integrity. To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry.”
Notes to Editor
(A) 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.
(B) Section 406 of the Penal Code
Under section 406 of the Penal Code, whoever commits criminal breach of trust shall be punished with imprisonment for a term which may extend to 7 years, or with fine, or with both.