Five former remisiers charged for false trading under the Securities and Futures Act
Singapore, 20 August 2020… Five individuals were charged today for offences under the Securities and Futures Act (SFA) relating to the trading of 55 securities listed on the Mainboard and Catalist of the Singapore Exchange. The alleged offences took place between 9 March 2015 and 12 April 2016. At the material times, the individuals were remisiers with various brokerages.
2 The five individuals each face charges under section 197(1)(a) of the SFA of engaging in a conspiracy1 with one or more other persons in the group to create a false appearance of active trading (“false trading”) in the securities.
3 Details of the charges against the individuals are as follows:
a. Mr Alan Lee, a former remisier with OCBC Securities Pte Ltd, faces 80 charges for false trading in 55 securities on 80 occasions;
b. Mr Chew Wei Zhan, a former remisier with DBS Vickers Securities (Singapore) Pte Ltd, faces 79 charges for false trading in 53 securities on 79 occasions;
c. Mr Lee Wei Kai, a former remisier with Phillip Securities Pte Ltd, faces 61 charges for false trading in 44 securities on 61 occasions;
d. Mr Lim Ming Yi, a former remisier with Maybank Kim Eng Securities Pte Ltd faces 55 charges for false trading in 41 securities on 55 occasions; and
e. Mr Lim Ming Chit, a former remisier with Phillip Securities Pte Ltd faces 22 charges for false trading in 19 securities on 22 occasions.
4 The investigation was jointly conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.
5 If convicted, for each charge of false trading, the individuals face punishment of imprisonment for a term which may extend to a maximum of 7 years, or a fine of up to $250,000, or both.
1Punishable under section 109 of the Penal Code.