S’pore con­victs ex-DBS trader for spoof­ing se­cu­ri­ties mar­ket

New Straits Times - - Business World -

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.

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