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