The Monetary Authority of Singapore has issued prohibition orders to three formerly licensed individuals for insider trading, following their recent jail sentence.
E Seck Peng Simon and Leong Chee Wai were banned from regulated activities under the Securities and Futures Act (SFA) for 15 years, MAS said in a release. Toh Chew Leong was issued a smaller 13-year ban.
«They are also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA,» the MAS added.
«The three individuals had engaged in a front-running arrangement over a period of seven years and colluded to misuse confidential information obtained in the course of their work for personal gain.»
Singapore’s First-Ever Prosecuted Insider Traders
The trio was the first-ever to be prosecuted and convicted for insider trading in Singapore. In the course of their dealings, E was a remisier with UOB Kay Hian, his university schoolmate, Leong, was a senior equity dealer with First State Investments alongside Toh.
Leong, E and Toh were sentenced to imprisonment for three years; two years and six months; and one year and eight months, respectively.
