For­mer DBS trader jailed 16 weeks in first S’pore crim­i­nal spoof­ing case

New Straits Times - - Business - JASVENDER KAUR

SIN­GA­PORE: A for­mer trader at DBS Group Hold­ings Ltd’s bro­ker­age unit was yes­ter­day sen­tenced to 16 weeks in jail af­ter be­ing con­victed in Sin­ga­pore’s first crim­i­nal spoof­ing case.

Den­nis Tey Thean Yang, 33, a for­mer DBS Vick­ers Se­cu­ri­ties (Sin­ga­pore) Pte Ltd bro­ker, had pleaded guilty to eight of 23 charges, in­clud­ing at­tempts to ar­ti­fi­cially move prices through fraud­u­lent se­cu­ri­ties or­ders and mis­us­ing other peo­ple’s trad­ing ac­counts with­out con­sent.

He made a profit of S$30,239 (RM95,550) from Oc­to­ber 2012 to Jan­uary 2013.

“It is in the in­ter­est of the com­mu­nity to root out spoof­ing to en­sure that the fi­nan­cial mar­kets are gen­uine,” said district judge Jasvender Kaur. “If such mis­con­duct is not ef­fi­ciently de­terred, then the ma­nip­u­la­tors would be pro­tected at the ex­pense of the mar­ket par­tic­i­pants whom the law is sup­posed to pro­tect.”

Tey is the first per­son to come be­fore a Sin­ga­pore court for spoof­ing, which in­volves en­ter­ing fake or­ders de­signed to fool oth­ers into think­ing prices are poised to rise or fall.

The case was the first to be jointly pros­e­cuted by the Mon­e­tary Author­ity of Sin­ga­pore and the white-col­lar crime po­lice.

Tey tried to ma­nip­u­late prices of so-called con­tracts for dif­fer­ences, where in­vestors can profit from the price fluc­tu­a­tions of un­der­ly­ing as­sets with­out ac­tu­ally own­ing them, ac­cord­ing to court pa­pers.

Af­ter pur­chas­ing the con­tracts, he would send or­ders in the un­der­ly­ing se­cu­ri­ties, which he would then delete. Bloomberg

It is in the in­ter­est of the com­mu­nity to root out spoof­ing to en­sure that the fi­nan­cial mar­kets are gen­uine.”

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