SINGAPORE - A former remisier has been charged in the first securities fraud case jointly brought by the Monetary Authority of Singapore (MAS) and the Singapore Police Force's Commercial Affairs Department (CAD).
Malaysian Dennis Tey Thean Yang, 32, faces 23 charges for breaching the Securities and Futures Act when he manipulated the stock prices of 17 listed companies including GuocoLand and Asia Power Corp by entering fraudulent buy and sell orders.
He did this in order to buy or sell contracts for differences (CFDs) in the 17 companies at the price he wanted. After he bought or sold the CFDs at the artificial prices he wanted, he then deleted the fraudulent orders for the stocks.
At the same time, he was using proxy trading accounts of four individuals, Gan Siew Len, Tey Ser Thong, Theng Boon Ping and Abdul Hakeem Abdul Azeez, at IG Asia, DBS Vickers Securities, DMG & Partners, and CMC Markets Singapore to conduct trades in these stocks or CFDs without informing or getting consent from the four brokerages.
According to the charges, he used their accounts to conduct trades in these stocks without notifying or getting consent from the four brokerages.