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Hefty $2.97 million civil penalty imposed on ex-aide of Jade Technologies' chief

Published on Apr 1, 2014 6:55 PM

An ex-staff of Jade Technologies has been fined a hefty $2.97 million for insider trading and manipulation of trading accounts in trades related to the 2008 botched takeover of the firm.

Mr Norman Phua was slapped with the fine after the Monetary Authority of Singapore (MAS) commenced civil penalty court action against him.

He was the assistant to former Jade Technologies chief executive Anthony Soh from November 2007 to April 2008.

Mr Phua was found to have used non-public and materially price-sensitive information concerning the proposed takeover of Jade Technologies to make a profit of $50,160.90 and to avoid a loss of $1,096,005 in 2008.

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