SINGAPORE - A former remisier has been slapped with a civil penalty of $157,000 for false trading.
The Monetary Authority of Singapore (MAS) said on Thursday that it took action against then UOB Kay Hian remisier Tan Hua Ann for executing a false sell order On Oct 20, 2011.
He entered the order during the pre-open phase to create a false appearance in the indicative opening price for a Lyxor exchange traded fund, pocketing personal gains of $62,723.
Mr Tan admitted to contravening regulations under the Securities and Futures Act (SFA) and has paid the civil penalty without court action.
Other than the penalty, he has also been barred from conducting business in any activity under the SFA here for two years.
"MAS will take firm action against any form of false trading or manipulation as such actions affect investors' confidence in the market," said MAS Assistant Managing Director Lee Boon Ngiap in a statement.
"When a licensed person knowingly commits such misconduct, MAS will not hesitate to prohibit such person from carrying out regulated activities for an appropriate period to deter such conduct and protect the investing public."
MAS was alerted to the matter by the Singapore Exchange.