Enforcement Actions
 Published Date: 22 October 2019

Eight individuals charged for offences under the Securities and Futures Act

Singapore, 22 October 2019…  Eight individuals were charged today for offences under the Securities and Futures Act (SFA)  relating to trading in the shares of Catalist-listed Koyo International Limited (Koyo) between 12 August 2014 and 15 January 2016.

The individuals are accused of being involved in false trading in the shares of Koyo, by using 53 trading accounts to carry out trades for the purpose of creating a false or misleading appearance as to the price of the shares. [1] Where the individuals used trading accounts that did not belong to them, or had allowed someone else to use their accounts without informing the brokerages, they are also accused of engaging in a practice which was likely to operate as a deception upon the brokerages through the unauthorised use of the trading accounts.

 

The details of the charges against the individuals are as follows:

  1. Lin Eng Jue (Lin) faces a total of 50 charges, comprising 1 count of false trading under section 197(1)(b) of the SFA (“false trading”) and 49 counts of unauthorised trading under section 201(b) of the SFA (“unauthorised trading”);

  2. Lau Wan Heng faces a total of 32 charges, comprising 1 count of engaging in a course of conduct which she knew would be likely to create a false or misleading impression of active trading in the shares under section 197(1A)(a) of the SFA and 31 counts of unauthorised trading;

  3. Ang Wei Jie Simon faces a total of 25 charges, comprising 1 count of intentionally aiding Lin in false trading and 24 counts of unauthorised trading;

  4. Chong Yew Mun Alan faces a total of 16 charges, comprising 1 count of intentionally aiding Lin in false trading and 15 counts of unauthorised trading;

  5. Yeo An Lun faces a total of 11 charges, comprising 1 count of intentionally aiding Lin in false trading and 10 counts of unauthorised trading;

  6. Koh Cheo Leng faces a total of 8 charges, comprising 1 count of intentionally aiding Lin in false trading and 7 counts of unauthorised trading;

  7. Goh Qi Rui Rayson faces a total of 5 charges, comprising 1 count of intentionally aiding Lin in false trading and 4 counts of unauthorised trading; and

  8. Teo Boon Cheang faces 1 charge for intentionally aiding Lin in false trading.

The investigations were jointly conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.

If convicted, the eight individuals face the following punishment:

 

(a)   For each charge of false trading under section 197 of the SFA, imprisonment for a term which may extend to a maximum of 7 years, or a fine of up to $250,000, or both; and

 

(b)   For each charge of unauthorised trading under section 201 of the SFA, imprisonment for a term which may extend to a maximum of 7 years, or a fine of up to $250,000, or both.

 


[1] One of these individuals, Lau Wan Heng, is charged for conduct, which she knew would be likely to create a false or misleading appearance of active trading in the shares.