SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed civil penalties and issued prohibition orders (POs) against two former CIMB Securities (S) Pte Ltd trading representatives.

       In a statement, MAS assistant managing director (policy, payments and financial crime) Loo Siew Yee said the former traders, Ngin Kim Choo and Yeo Jin Lui, had executed a client’s instruction to purchase KS Energy Ltd (KSE) shares to inflate the prices of the shares in the company.

       “Trading representatives must play their part in helping to safeguard market integrity and it is unacceptable for trading representatives to knowingly facilitate market misconduct.

       “The civil penalties and prohibition orders against the two individuals reflect MAS’ firm resolve to stamp out such conduct,” she said.

       According to MAS, the former traders admitted to contravening section 197(1)(b) of the Securities and Futures Act (SFA).

       Ngin and Yeo have paid MAS civil penalties of S$100,000 (RM315,000) and S$50,000 (RM157,500) respectively, without court action.

       The central bank said it has issued a five-year PO against Yin, and a four-year PO against Yeo, which took effect on April 25, 2022.

       Under the POs, they are prohibited from performing any regulated activity or from taking part in the management of, acting as a director of, or becoming a substantial shareholder of a holder of any capital markets services firm under the SFA.

       They are also prohibited from providing any financial advisory service or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

       Ngin had managed the CIMB trading account used by her client, Kris Wiluan, who is the CEO of KSE.

       Yeo, meanwhile, managed the account on Ngin’s behalf in her absence, the statement added. — Bernama