S’pore convicts ex-DBS trader for spoofing securities market
A former trader at DBS Group Holdings Ltd’s brokerage unit was convicted by a court yesterday for spoofing the securities market in the city state’s first such criminal case.
Dennis Tey Thean Yang pleaded guilty to eight of the 23 charges he faced, including attempts to artificially move prices through fraudulent securities orders and misusing other people’s trading accounts without consent.
Tey was a broker at DBS Vickers Securities (Singapore) Pte Ltd when he committed the offences over four months in late 2012 and early 2013.
He made a profit of S$30,239 (RM94,963).
Regulators and exchanges are stepping up scrutiny of market misconduct and Tey’s case is the first by the Monetary Authority of Singapore and the white-collar crime police since they banded together in 2015 to probe offences.
Singapore Exchange Ltd, which runs the city’s securities and derivatives venue, last month said it would focus on cases that threaten market integrity after punishing traders for false trading.
Tey, a Malaysian national, left DBS Vickers in March 2014 and was arrested in May 2015. He will be sentenced on March 22.
In a statement, DBS said it had zero tolerance for criminal behaviour and cooperated with the probe into Tey’s activities.