Enforcement
Person charged under the Securities and Futures Act for false trading and fraudulently inducing others in Telegram chat groups to deal in shares
8 April 2021
9 February 2022
MAS and the Commercial Affairs Department (CAD) of the Singapore Police Force (SPF) charged Mr Goh Jia Poh, Kenneth, under the Securities and Futures Act (SFA), for trading in multiple securities listed on the Mainboard or the Catalist of the Singapore Exchange (SGX), and creating a false appearance regarding the market for the securities. Mr Goh was also charged for making false statements in Telegram chat groups to induce others to deal in securities.
MAS reprimanded AIA Financial Advisers, Prudential, and two Aviva entities
15 June 2021
MAS reprimanded AIA Financial Advisers Private Limited, Prudential Assurance Company Singapore (Pte) Limited, Aviva Ltd and Aviva Financial Advisers Pte Ltd (Aviva FA) for breach of requirements relating to the remuneration of supervisors and risk management arrangements. Aviva FA’s ex-CEO and Director, Mr Lionel Chee, was also reprimanded for his failure to discharge the duties of his office.
Public consultation on proposals to strengthen MAS’ investigative and other powers under MAS-administered Acts
2 July 2021
MAS proposed legislative amendments to strengthen its investigative powers under MAS-administered Acts. The proposals include enhanced powers for MAS to enter premises in connection with investigations under the SFA and the Financial Advisers Act (FAA) without prior notice or a court warrant, where MAS assesses that there is a risk of evidence being destroyed. MAS also proposed to extend this power, along with other investigative powers that are currently available under the SFA and FAA, to other MAS-administered Acts, namely the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and Financial Services and Markets Act.
Three individuals charged for insider trading
22 July 2021
Three individuals were charged for offences under the SFA and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). In July and August 2016, two of the individuals allegedly purchased shares of Broadway Industrial Group Limited, a company listed on the SGX, 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. The investigation was jointly conducted by the MAS and the CAD of the SPF.
Public consultation on amendments to strengthen appeals regulations
14 October 2021
MAS proposed amendments to the rules governing regulatory appeals which are set out in regulations under MAS-administered Acts. The proposed amendments seek to strengthen the appeal process by making it more efficient, fair, and practical.
Singapore-Hong Kong joint operation against suspected cross-border pump-and-dump syndicate
16 December 2021
MAS and the CAD of the SPF launched a joint investigation into a syndicate suspected of operating pump-and-dump scams on stocks listed on the Hong Kong Stock Exchange, in contravention of the SFA. The simultaneous joint operation, which involved securities regulators and law enforcement agencies in Singapore and Hong Kong, was the first-of-its-kind in tackling cross-border pump-and-dump scams.
MAS and the CAD of the SPF launched a joint investigation into a syndicate suspected of operating pump-and-dump scams on stocks listed on the Hong Kong Stock Exchange, in contravention of the SFA. The simultaneous joint operation, which involved securities regulators and law enforcement agencies in Singapore and Hong Kong, was the first-of-its-kind in tackling cross-border pump-and-dump scams.
MAS took civil penalty action and issued prohibition orders against two former trading representatives for false trading
25 April 2022
MAS imposed civil penalties and issued prohibition orders against two former trading representatives, Ms Ngin Kim Choo and Mr Yeo Jin Lui, for false trading. Both executed a client’s instructions to purchase KS Energy Ltd (KSE) shares for the purpose of creating a false or misleading appearance with respect to the price of KSE shares.
MAS published its third Enforcement Report
27 April 2022
The report highlighted the strong enforcement actions taken against financial institutions and individuals for breaches of laws and regulations administered by MAS, covering the period July 2020 to December 2021. MAS imposed S$2.4 million in composition penalties for anti-money laundering and countering the financing of terrorism control breaches and S$150,000 in civil penalties. Together with the Attorney-General’s Chambers, MAS successfully secured the criminal convictions of seven individuals for market misconduct or related offences. MAS also issued 20 prohibition orders against unfit representatives.
In response to investor and industry feedback, MAS introduced a new section in the report providing updates on ongoing major investigations such as Hyflux Ltd and Noble Group Ltd, and embarked on a study on investor recourse for losses due to market misconduct. MAS also elaborated on its considerations in disclosing information regarding ongoing investigations in the Enforcement Monograph.
Masterminds behind the 2013 penny stocks crash convicted on multiple charges of market manipulation and cheating of financial institutions
5 May 2022
Mr Soh Chee Wen and Ms Quah Su-Ling were convicted by the High Court for market manipulation and cheating offences involving an elaborate scheme to manipulate the shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd. Mr Soh and Ms Quah were convicted of a total of 180 and 169 charges respectively. This is the largest market manipulation case in Singapore’s history. During investigations, MAS and the CAD of the SPF raided over 50 locations and interviewed more than 70 persons. The investigations covered extensive documentary evidence comprising over two million emails, half a million trade orders, and thousands of telephone records and financial statements.