Illegal stock trading: MAS seeks heavier fines for duo
SINGAPORE: The Monetary Authority of Singapore (MAS) is going to court to seek an increase in penalties handed down to a divorced couple for unauthorised stock trading.
The regulator is challenging sums of as much as S$75,000 (RM236,620) ordered by a district judge in March, according to its notice of appeal filed in the Singapore High Court. The punishments are at the low end of the S$50,000 to S$2 million MAS can seek under the city’s civil penalty regime.
The case is the latest indication that Singapore is taking enforcement of financial misconduct seriously.
Wang Boon Heng and his exwife Foo Jee Chin declined to comment through their lawyer Robert Raj. The duo haven’t filed their response to MAS’s appeal.
The regulator is seeking S$200,000 from Wang and S$100,000 from Foo, according to court records. Bloomberg