MAS bars former OCBC rep for 7 years

The trader misappropriated cash and traded shares without consent in 3 customer accounts.

The Monetary Authority of Singapore (MAS) imposed a seven-year prohibition order against former OCBC representative Prem Hirubalan.

According to MAS, Hirubalan is prohibited from performing any regulated activity or becoming a shareholder of any capital market services firm. He also will not be allowed to provide any financial advisory services.

Hirubalan was a representative of OCBC Securities Private Ltd from May 2010 to 2011.

He conducted unauthorised share trades using three customer accounts and misappropriated $81,000 from one of them.

On 24 June 2016, he was convicted under section 201(b) of the Securities and Futures Act (SFA) and section 406 of the Penal Code.

Hirubalan will face 10 months in prison.

Lee Boon Ngiap, assistant managing director (Capital Markets), MAS, said: “MAS expects all finance professionals to act honestly and with integrity. To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry.”