Enforcement Actions
Published Date: 06 October 2021

MAS bans Mr Lee Chengyi, Adrian following conviction for fund management without a licence

Singapore, 6 October 2021… The Monetary Authority of Singapore (MAS) has issued 4-year prohibition orders (PO) against Mr Lee Chengyi, Adrian, a former representative of Aviva Financial Advisers Pte Ltd, following his conviction for carrying on fund management without a capital markets services licence.

2 Mr Lee is prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital markets services licensee under the Securities and Futures Act (SFA). He is also prohibited from providing any financial advisory service, taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. The POs take effect from 4 October 2021.

3 Between August and September 2017, Mr Lee had collected a sum of $160,000 from five investors to trade in leveraged foreign exchange on their behalf. Mr Lee commingled the investors’ monies with his own in a trading account, and when losses were suffered, did not provide restitution to the investors of the proportion of the remaining monies that belonged to them. On 17 March 2020, Mr Lee was convicted under section 82 of the SFA of carrying on fund management, which is a regulated activity under the SFA, without a capital markets services licence. He was sentenced and fined $15,000.

4 The POs were issued against him in view of his conviction. Additionally, his conduct in unlawfully carrying on fund management activities had given MAS reason to believe that he will not be able to perform financial advisory services fairly.

 

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