The Monetary Authority of Singapore (MAS) has imposed civil penalties on, as well as issued prohibition orders (POs) against Ngin Kim Choo and Yeo Jin Lui for false trading.
Ngin was issued a five-year PO, while Yeo was issued a four-year PO. The POs took effect on April 25.
Ngin and Yeo are former trading representatives with CIMB Securities (Singapore).
Ngin and Yeo had acted upon a client’s instructions to purchase shares in KS Energy to inflate the prices of the shares in the company.
The client in question is Kris Wiluan, who is the CEO of KS Energy.
Ngin had managed the CIMB trading account used by Wiluan, while Yeo managed the account on Ngin’s behalf in her absence.
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Wiluan’s instructions with regard to the false trades were conveyed to Ngin and Yeo, who had the discretion to manage and advise on the execution of trades to achieve his desired price for KS Energy shares.
Between Oct 14, 2015, and Sept 13, 2016, Ngin traded KS Energy shares on 29 occasions, inflating the traded price of KS Energy shares by at least 5%. Between Sept 22, 2015 and Oct 13, 2015, Yeo executed trades in KSE shares on seven occasions, inflating the traded price of KSE shares by at least 5%.
Wiluan himself was charged by the Commercial Affairs Department (CAD) on August 5, 2020, for alleged false trading and market rigging. He was convicted for three charges of false trading and market rigging under section 197(1)(b) of the Securities and Futures Act (SFA) and sentenced to a fine of $480,000 on May 19, 2021.
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Wiluan was accused of pushing up the share price of KS Energy through his employee Ho Chee Yen.
The tycoon allegedly instructed Ho to ask Ngin Kim Choo and Yeo Jin Lui from CIMB Securities to execute trades in KS Energy shares through the trading account of Pacific One Energy – another company controlled by Wiluan – on several occasions from December 2014 to September 2016.
“Trading representatives must play their part in helping to safeguard market integrity. It is unacceptable for trading representatives to knowingly facilitate market misconduct. The civil penalties and prohibition orders against the two individuals reflect MAS’ firm resolve to stamp out such conduct,” says Loo Siew Yee, assistant managing director (policy, payments & financial crime) at MAS.
