Enforcement
Four Individuals sentenced to imprisonment for false trading and deceit under the Securities and Futures Act
13 July 2023
Mr Ang Wei Jie Simon, Ms Koh Cheo Leng, Mr Lin Eng Jue and Mr Chong Yew Mun Alan were convicted and sentenced to imprisonment for false trading in the shares of Catalist-listed Koyo International Limited, and for deceiving several brokerage firms through the unauthorised use of trading accounts.
MAS reports robust enforcement outcomes and enhances disclosure of statistics in the fourth Enforcement Report
19 September 2023
MAS’ fourth Enforcement Report covered enforcement actions taken during the period January 2022 to June 2023 for breaches of MAS’ regulatory requirements. Over the reporting period, MAS imposed $7.10 million in composition penalties for AML-related breaches, and $12.96 million in civil penalties for market abuse cases. Eighteen prohibition orders were issued against unfit representatives. A total of 39 criminal convictions of individuals involved in market misconduct and related offences were secured, following joint investigations with the CAD.
MAS imposes civil penalty of $3.9 million on Credit Suisse AG for misconduct by its relationship managers
28 December 2023
MAS imposed a civil penalty of $3.9 million on Credit Suisse AG for its failure to prevent or detect misconduct by its relationship managers in the Singapore branch. The relationship managers had provided clients with inaccurate or incomplete post-trade disclosures, resulting in clients being charged spreads which were above bilaterally agreed rates for 39 over-the-counter bond transactions.
Former CEO and Directors of Envysion Wealth Management Pte Ltd charged with offences under the Securities and Futures (Licencing and Conduct of Business) Regulations, Securities and Futures Act, Financial Advisors Act, and Official Secrets Act
7 March 2024
The former Chief Executive Officer of Envysion Wealth Management Pte Ltd (Envysion), currently known as Hui Xun Asset Management Pte Ltd, Ms Shim Wai Han, and its former directors (former Chief Investment Officer, Mr Doo Chun Ki and former Chief Operating Officer and Chief Compliance Officer, Mr Tan Kay Siong) were charged in court for offences under the Securities and Futures (Licencing and Conduct of Business) Regulations and the Securities and Futures Act. Envysion was a holder of a capital markets services licence for fund management and manager of the Envysion Global Investments VCC which established the Envysion Commodity Strategy Fund (Fund).
The 3 individuals had allegedly connived in Envysion’s failure to put in place an appropriate risk management framework in respect of the assets under management of the Fund and had also allegedly connived in Envysion’s failure to mitigate conflicts of interest related to loans received by Ms Shim and referral fees received by Envysion for investing into a company, Envy Global Trading Pte Ltd, through the Fund.
Person charged for false trading under the Securities and Futures Act
27 March 2024
Mr Tay Ming Hin was charged in court on 27 Mar 2024 for 1 count of false trading under section 197(1)(b) of the SFA. He is accused of trading in the shares of Catalist-listed KOP Limited (KOP), for the purpose of creating a misleading appearance with respect to the price of KOP shares. These trades took place between 7 August 2018 and 21 August 2019.
MAS Imposes Composition Penalty of S$2.5 million on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT Breaches, Reprimands its CEO and COO
7 May 2024
MAS has imposed a composition penalty of S$2.5 million on Swiss-Asia Financial Services Pte. Ltd. (SAFS) for multiple breaches of MAS’ AML/CFT requirements between September 2015 to October 2018. MAS has also issued a reprimand to SAFS’ Chief Executive Officer, Mr Olivier Pascal Mivelaz, and its Chief Operating Officer, Mr Steve Knabl, for failing to discharge their duties and functions of ensuring that SAFS complied with MAS’ AML/CFT requirements.
Former CEO of Eagle Hospitality Trust charged for failure to disclose material information under the Securities and Futures Act
17 May 2024
Mr Salvatore Gregory Takoushian (Mr Takoushian) was charged in court on 17 May 2024 for disclosure-related offences under the SFA. Mr Takoushian was the former Chief Executive Officer of Eagle Hospitality Trust REIT Management Pte. Ltd. and Eagle Hospitality Business Trust Management Pte. Ltd., the managers responsible for managing Eagle Hospitality Trust (EHT), a stapled trust comprising Eagle Hospitality REIT (EH-REIT) and Eagle Hospitality Business Trust. The charges against Mr Takoushian concerned EHT’s alleged reckless failure to disclose to the SGX information pertaining to the failure to fund the shortfall in security deposits to EH-REIT at various points in time between 7 June 2019 and 14 February 2020 by the master lessees of properties in EHT’s portfolio.
Prohibition orders issued by MAS during the period of July 2023 to June 2024
MAS issues prohibition orders against individuals when it believes that they do not meet MAS’ fit and proper requirements. Banning these persons from the industry is necessary to preserve the integrity of the markets, and to protect consumers and investors. From 1 July 2023 to 30 June 2024, MAS issued prohibition orders against the following 17 individuals:
| Date that Prohibition Order(s) took effect | Name | Duration | Reason for Prohibition Order(s) | For Further Reading |
| 19 July 2023 | Ms Huang Mengting, a former representative of Prudential Assurance Company Singapore (Pte) Limited | 5 years | Conviction in the State Courts for cheating offences | MAS media release, published on 19 July 2023, on prohibition orders against Ms Huang Mengting for cheating |
| 5 September 2023 | Mr Ng Chong Hwa, also known as Roger Ng, a former Managing Director of Goldman Sachs (Singapore) Pte. | Lifetime | Conviction in the United States for conspiracy to launder monies embezzled from 1Malaysia Development Berhad, and violation of the United State' Foreign Corrupt Practices Act | MAS media release, published on 5 September 2023, on prohibition orders against Mr Ng Chong Hwa |
| 13 September 2023 | Mr Zhu Su | 9 years |
Failure to discharge duties as a director in ensuring Three Arrows Capital Pte Ltd complied with regulatory requirements under the Securities and Futures Act, and Securities and Futures (Licensing and Conduct of Business) Regulations
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MAS media release, published on 14 September 2023, on prohibition orders against Three Arrows Capital’s Zhu Su and Kyle Livingston Davies |
| 13 September 2023 | Mr Kyle Livingstone Davies | 9 years | ||
| 16 October 2023 | Ms Quek Puay Yi, Patricia, a former representative of AIA Singapore Private Limited | 5 years | Conviction in the State Courts for cheating offences |
MAS media release, published on 16 October 2023, on prohibition orders against Ms Quek Puay Yi, Patricia and Ms Huang Hsin Tian Silver for cheating |
| 16 October 2023 | Ms Huang Hsin Tian Silver, a former representative of Professional Investment Advisory Services Pte Ltd | 5 years | ||
| 18 October 2023 | Mr Tan Hongxiang, Jeremy, a former representative of AXA Insurance Pte Ltd | 5 years |
Engaging in unlawful sub-agency activities, where appointed representatives had arrangements with unlicensed individuals to perform financial advisory services on their behalf
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| 18 October 2023 | Ms Tong Hui Zhi | 5 years | ||
| 18 October 2023 | Ms Phua Shu Rong, a former representative of AXA Insurance Pte Ltd | 4 years | ||
| 22 June 2023 | Mr Tan Yaosheng Kelvin, a former representative of Aviva Financial Advisers Pte Ltd | 3 years | ||
| 22 June 2023 | Mr Wu Zhao Heng Victor, a former representative of Aviva Financial Advisers Pte Ltd | 3 years | ||
| 18 April 2024 | Mr Gng Hoon Hong, a former representative of Prudential Assurance Company Singapore (Pte) Limited |
8 years | Conviction in the State Courts for criminal breach of trust offences |
MAS media release, published on 18 April 2024, on prohibition order against Mr Gng Hoon Hong |
| 22 April 2024 | Mr Ong Ka Yong, a former representative of Manulife Financial Advisers Pte. Ltd | 12 years | Conviction in the State Courts for cheating offences | MAS media release, published on 22 April 2024, on prohibition orders against Mr Ong Ka Yong for cheating |
| 20 May 2024 | Mr Muhammad Hafiz Bin Ismail, a former representative of DBS Bank Ltd | 5 years | Conviction in the State Courts for intentionally obstructing the course of justice, and separate contraventions of the Financial Advisers Act and the Securities and Futures Act | MAS media release, published on 20 May 2024, on Prohibition Order against Mr Muhammad Hafiz Bin Ismail for Dishonest Conduct |
| 24 May 2024 | Ms Yuen Pui Leng Eunice | 5 years |
Convictions in the State Courts for offences under the Financial Advisers Act and intentionally obstructing the course of justice |
MAS media release published on 24 May 2024, on prohibition orders against three Individuals for Obstructing Course of Justice, Falsification of Records and Providing False Information to MAS |
| 24 May 2024 | Ms Tan Zhen Zhi, Grace | 3 years | Convictions in the State Courts for offences under the Financial Advisers Act and intentionally obstructing the course of justice | |
| 24 May 2024 | Mr Lim Hee Loon Benny | 1 year | Stern warning in lieu of prosecution for Furnishing false information to MAS |