Singapore Regulator Issues Bans to Three Jailed for Insider Trading
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.
