Former broker jailed, finance executive fined in MAS trading cases

One received a 10-week jail term, whilst the other was fined $200,000.

Two individuals were convicted and sentenced on 19 May for separate trading offences under the Securities and Futures Act, the Monetary Authority of Singapore (MAS) announced.

In one case, OCBC Securities trading representative Tan Chun Yong was sentenced to 10 weeks for aiding false trading in KTL shares and conducting unauthorised trades.

The authority said Tan enabled Tang Boon Hai to trade KTL shares through six accounts he was not authorised to operate between November 2014 and September 2015, creating a false appearance of active trading in the stock.

The court convicted Tan on one charge of aiding false trading and six charges linked to deceptive trading practices following a 28-day trial.

Tang was separately sentenced to 30 months’ imprisonment in April 2023 for false trading, unauthorised trading, and dishonestly receiving stolen property.

Separately, Xie Jianfeng was fined $200,000 for insider trading involving Sasseur REIT units.

Xie was, at the material time, general manager of the finance department of Sasseur Commercial Management Group Co., Ltd., a related corporation of Sasseur Asset Management Pte Ltd (SAMPL), the REIT’s manager.

MAS said he bought Sasseur REIT units in February 2021 whilst in possession of non-public information relating to the REIT’s FY2020 financial results obtained through his work.

After the results were announced, he sold the units he had purchased, earning a profit of approximately $223,572.68.

In addition, he executed trades in Sasseur REIT units on behalf of former colleagues, without properly disclosing the beneficial ownership of the trades to CGS-CIMB Securities Pte Ltd between 18 March 2020 and 29 January 202.

Xie pleaded guilty to one insider trading charge. Another insider trading charge and one charge relating to unauthorised trades were taken into consideration during sentencing.

“Xie has voluntarily contributed $134,720 (US$100,000) to charity and paid $88,852.68 to the state as disgorgement of his share of profits from the offences,” the authority added.

Separately, MAS revoked the major payment institution licence of Bsquared Technology Pte Ltd (BSQ) after finding significant weaknesses in its risk management and conflict-of-interest controls.

It said that the firm failed to comply with outsourcing guidelines and had provided false or misleading information during its licence application and subsequent inspections.

As of 14 May 2026, BSQ is no longer permitted to provide digital payment token services in Singapore.

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