Singapore, 14 August 2019… The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (“POs”) against the following individuals, who were earlier convicted of insider trading:
| Name |
Duration of Prohibition Orders |
|
Mr E Seck Peng Simon
former representative of UOB Kay Hian Pte Ltd
|
15 years |
|
Mr Leong Chee Wai
former representative of First State Investments (Singapore)
|
15 years |
|
Mr Toh Chew Leong
former representative of First State Investments (Singapore)
|
13 years |
All three POs took effect from 13 August 2019.
2 Mr E, Mr Leong and Mr Toh are prohibited from performing any regulated activity under the Securities and Futures Act (SFA). They are also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets services firm under the SFAThe POs against the three individuals were issued under Section 101A(1)(e) of the SFA..
3 The three individuals had engaged in a front-running arrangement over a period of 7 years and colluded to misuse confidential information obtained in the course of their work for personal gainPlease refer to MAS’ media release of 10 July 2019 “Court convicts three individuals for insider trading and orders forfeiture of criminal proceeds” for details of the case.. They were representatives of Capital Markets Services Licence holders when they committed the offences. In July 2019, Mr Leong, Mr E and Mr Toh were convicted of insider trading offences and sentenced to 36 months, 30 months and 20 months imprisonment respectively.
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Additional information
Section 101A (1)(e) of the Securities and Futures Act (Cap 289)
Section 101A (1)(e) of the SFA allows MAS to make a prohibition order against a person who has been convicted of an offence under the SFA.
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