The Monetary Authority of Singapore (MAS) has issued a 5- year prohibition order (PO) against Mr Pan Qi, a former representative of fund management company Nech Capital Pte Ltd (NCPL). The PO was issued following Mr Pan’s conviction in the State Courts for engaging in a course of business that operated as fraud under the Securities and Futures Act.
2. Under the PO, which took effect from 24 September 2024, Mr Pan is prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the Securities and Futures Act (SFA).
3. Between 4 January 2019 and 24 July 2020, Mr Pan worked as a trader at NCPL where his responsibility was to trade using NCPL trading accounts to make a profit for a fund managed by NCPL. He executed trades in several securities counters between NCPL trading accounts and accounts belonging to his relatives. Mr Pan’s trades were conducted in a manner that profited him (controlling his relatives’ accounts) at the expense of NCPL
4. On 25 April 2023, Mr Pan was convicted of one count of section 201(b) of the SFA, with two other counts of section 201(b) of the SFA taken into consideration for the purpose of sentencing. He was sentenced to five weeks’ imprisonment and a fine of $120,000.
5. Mr Pan’s conviction and contraventions have given MAS reason to believe that he will not perform capital markets services honestly. While Mr Pan is no longer an appointed representative in Singapore, the PO was issued against him to safeguard the integrity of and trust in Singapore’s financial sector.
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Additional information
Section 201(b) of the Penal Code (Cap. 224, Rev Ed 2008)
Under this section, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any capital market products, engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.
[1] Equities trader used wife and mother-in-law's joint account to profit from trades at company's loss, gets jail - CNA (channelnewsasia.com)
