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4 people prohibited from providing financial advisory services after false trading of Koyo International shares
The Monetary Authority of ดาวน์โหลด slotxo Singapore (MAS) on Wednesday (Mar 3) said it has prohibited four people from providing any financial advisory services after their convictions over a false trading scheme.
They are: Lau Wan Heng, a former remisier of CGS-CIMB Securities (Singapore); Yeo An Lun, a former representative of Prudential Assurance Company Singapore; Rayson Goh Qi Rui, a former remisier of OCBC Securities; and Teo Boon Cheang, a former remisier of KGI Securities (Singapore).
The four are among eight people charged in relation to a false trading scheme involving shares of Koyo International, an engineering service provider that is listed on the Catalist board of the Singapore Exchange (SGX).
Court proceedings against the other four people are ongoing, said MAS.
REMISIER HELPED CREATE FALSE APPEARANCE OF ACTIVE TRADING
Between February 2015 and January 2016, Lau helped to create a false appearance of active trading in Koyo shares by carrying out trades in her clients' accounts on the instructions of Lin Eng Jue, said MAS.
When CIMB restricted the trading limits of the clients' accounts, Lau convinced the clients to open or reactivate trading accounts with other brokerage firms on the pretext that she was leaving CIMB to join those firms.
"She then handed control of some of these accounts to other persons to place trades in Koyo shares. She also allowed others to use her relatives' accounts to place trades in Koyo shares," said MAS.
Lau pleaded guilty and was convicted of one count of false trading and 12 counts of unauthorised trading. Her remaining charges were taken into consideration for sentencing. She was sentenced to 20 years and 18 weeks imprisonment.
She was also handed a 10-year prohibition order by MAS.
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