Woman faces charges for unlicensed fund management business
If convicted, she will be fined up to $150,000 or detained for up to three years.
A woman was charged for violation of the Securities and Futures Act (SFA) after she carried on fund management business without securing a capital markets services licence, the Monetary Authority of Singapore (MAS) revealed.
She was allegedly managing her clients’ portfolio of capital markets products and entering into spot foreign exchange contracts to oversee her clients’ funds between 14 December 2017 and 30 June 2020.
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With this, the individual identified as Lee Ying Hui, was charged under section 82(1) of SFA, which indicated that no person shall carry on a fund management business, a regulated activity in the SFA, without a capital markets services licence issued by the MAS.
If found guilty, Lee will be fined up to $150,000 or jailed for a term of up to three years, or both.