SINGAPORE: Three traders who were earlier convicted of insider trading have been given prohibition orders by the Monetary Authority of Singapore (MAS).
E Seck Peng Simon and Leong Chee Wai are banned from performing any regulated activity under the Securities and Futures Act (SFA) for 15 years, MAS said in a media release on Wednesday (Aug 14).
Toh Chew Leong was given a ban of 13 years.
They are also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA.
All three prohibition orders took effect from Tuesday.
“The three individuals had engaged in a front-running arrangement over a period of seven years and colluded to misuse confidential information obtained in the course of their work for personal gain,” said MAS.
The three men were representatives of Capital Market Services Licence holders when they committed the offences.
E was a remisier with UOB Kay Hian from February 2002 to Oct 1, 2014. His university schoolmate, Leong, was a senior equity dealer with First State Investments Singapore (FSIS) from Dec 28, 2002 to May 16, 2014.
Toh was also a senior equity dealer with FSIS, from Jul 2004 to May 16, 2014.
Leong, E and Toh were convicted of insider trading offences and sentenced to three years, two-and-a-half years and one year and eight months imprisonment respectively.
This is the first case in Singapore of front-running prosecuted as an insider trading offence, which carries a more severe penalty.