Former DBS trader sentenced to 4-month jail time

He earned S$30,239 from his spoofing.

A former trader at DBS Group Holdings Ltd.'s brokerage unit was sentenced to 16 weeks in jail after being convicted in Singapore’s first criminal spoofing case, reported Bloomberg.

"Dennis Tey Thean Yang, 33, was given the sentence on Wednesday. The former DBS Vickers Securities (Singapore) Pte 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 ($21,572) from October 2012 to January 2013," said the report.

Spoofing involves entering fake orders to make people believe prices are poised to rise or fall.

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