Man gets 30 months’ jail for false and unauthorised trading, dishonestly receiving close to $1m
Sign up now: Get ST's newsletters delivered to your inbox
SINGAPORE – A man has been sentenced to 30 months in prison after being charged under the Securities and Futures Act for offences that include conspiring to conduct false trading.
According to a joint statement from the police and the Monetary Authority of Singapore (MAS) on Tuesday, Tang Boon Hai was charged with conspiring to conduct false trading in the shares of investment holding company KTL Global, unauthorised trading using accounts of other people, and dishonestly receiving stolen funds of almost $1 million.
From Nov 4, 2014, to Sept 8, 2015, Tang placed orders and traded in KTL shares using 14 trading accounts, of which 13 were registered under names of four other people. He was authorised to use only one of the accounts.
To create a false appearance of active trading in the market for KTL shares, he bought around 122. 76 million KTL shares and sold around 120.67 million KTL shares.
On May 20, 2015, Tang received close to $1 million in a trading account held by Infinity Global Consultancy, of which he is the sole director and shareholder.
According to the statement from the police and MAS, Tang “had reason to believe that this money was stolen property”, and added that he used part of this sum to falsely trade in KTL shares.
Former KTL Global chief executive officer Wilson Tan Kheng Yeow was charged in October 2020 with cheating and false trading
It is said that Tan intended to route the $1 million from KTL Offshore Hong Kong to Tang’s Infinity Global Consultancy.
A charge sheet also states that Tan conspired with Tang to give a false or misleading impression that there was active trading in shares of KTL Global between October 2014 and September 2015.
Court proceedings against Tan and another individual in relation to this matter are ongoing.
