Maybank Kim Eng trader fined and suspended by SGX for manipulating Informatics and IPCO shares

SINGAPORE (Aug 30): Lu Hai, a trading representative and proprietary trader with Maybank Kim Eng Securities, has been suspended by the SGX for six months and fined $180,000 for placing manipulative orders on penny stocks, creating false impression that demand for those counters were high.

Lu admitted to manipulating trading patterns and thereby creating a false market of two counters, Informatics Education and IPCO International. Lu was found to have profited by $26,048.06 for his trades with Informatics, and $35,506.21 from IPCO. A third, Mirach Energy, was taken into consideration when SGX mete out its ruling.

Via a proprietary account in which he has sole control, Lu would first start ramping up both price and volume of the shares, thereby creating a false, positive impression of interest in the shares.

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