The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (“POs”) against the following individuals, who were earlier convicted of insider trading:
| Name | Duration of Prohibition Orders |
|
Mr E Seck Peng Simon |
15 years |
|
Mr Leong Chee Wai |
15 years |
|
Mr Toh Chew Leong |
13 years |
All three POs took effect from 13 August 2019.
2 Mr E, Mr Leong and Mr Toh are prohibited from performing any regulated activity under the Securities and Futures Act (SFA). They are also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets services firm under the SFA [1] .
3 The three individuals had engaged in a front-running arrangement over a period of 7 years and colluded to misuse confidential information obtained in the course of their work for personal gain [2] . They were representatives of Capital Markets Services Licence holders when they committed the offences. In July 2019, Mr Leong, Mr E and Mr Toh were convicted of insider trading offences and sentenced to 36 months, 30 months and 20 months imprisonment respectively.
***
Additional information
Section 101A (1)(e) of the Securities and Futures Act (Cap 289)
Section 101A (1)(e) of the SFA allows MAS to make a prohibition order against a person who has been convicted of an offence under the SFA.
***
- [1] The POs against the three individuals were issued under Section 101A(1)(e) of the SFA.
- [2] Please refer to MAS’ media release of 10 July 2019 “Court convicts three individuals for insider trading and orders forfeiture of criminal proceeds” for details of the case.
