Ex-DBS trader pleads guilty to spoofing Singapore market

SINGAPORE (March 10): A former trader at DBS Group Holdings’ brokerage unit on Friday was convicted by a Singapore court for spoofing the securities market in the first case brought jointly by the country’s regulator and white-collar crime police.

Dennis Tey Thean Yang, 33, pleaded guilty to eight of the 23 charges he faced related to his attempt to artificially move prices through fraudulent securities orders.

A broker at DBS Vickers Securities when the offenses were committed in late 2012 and 2013, Tey was also charged with misusing other people’s trading accounts without consent.

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