The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Oh Kian Guan for using other people's accounts for his personal trades.
He paid a civil penalty of $100,000, without court action,and as well as a composition amount of $18,000 after admitting to contravening Sections 201(b) and 137 of the Securities and Futures Act (SFA).
Between July 1, 2007 and August 31, 2008, Mr Oh had used securities trading accounts maintained by various persons with a number of brokerages to conduct trades in the shares of Fuji Offset Plates Manufacturing for his own benefit.
Mr Oh's actions deceived the brokerage houses into believing that the accounts were opened and operated for the benefit of the respective account holders, when the beneficial owner of the trades in the accounts was in fact Mr Oh.
As a substantial shareholder of Fuji, Mr Oh also contravened the SFA, which required substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings.
Mr Oh had failed to notify the Singapore Exchange and Fuji of the changes in his deemed shareholdings.
The Singapore Exchange subsequently referred the transgressions to the MAS.