MAS slaps two prohibition orders on former OCBC trader

The Monetary Authority of Singapore (MAS) building in Shenton Way on June 19, 2017.
The Monetary Authority of Singapore (MAS) building in Shenton Way on June 19, 2017.ST PHOTO: LIM YAOHUI

SINGAPORE - The Monetary Authority of Singapore (MAS) on Thursday (Aug 17) said it has issued two prohibition orders against a former trading representative of OCBC Securities for unauthorised share trading and misappropriation of customers' monies.

The trader, Prem Hirubalan, was with OCBC Securities from May 2010 to May 2011. He was convicted on June 24 last year of charges under section 201(b) of the Securities and Futures Act (SFA) and section 406 of the Penal Code for the offences. He was sentenced to 10 months' imprisonment on Aug 8 last year. It is understood he has completed the sentence.

The MAS has barred Mr Hirubalan from performing any regulated activity, taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA, for seven years.

He is also barred for seven years from providing financial advisory services, taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

The prohibition orders took effect on Thursday.

During his employment with OCBC Securities, Mr Hirubalan conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around $81,000 from one of these customers.

Mr Lee Boon Ngiap, assistant managing director (Capital Markets), MAS, said: "MAS expects all finance professionals to act honestly and with integrity. To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry."