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MAS slaps woman with $100,000 fine over false trading 

The woman identified as Tan Su Lan purchased shares in Aspial Corp and Far East Orchard.

A woman identified as Tan Su Lan was slapped with a $100,000 fine over false trading of  Aspial Corporation Limited (ACL) and Far East Orchard Limited (FEOL) shares, the Monetary Authority of Singapore reported.

MAS said Tan purchased shares in ACLS and FEOL near or during the close of the days' trading sessions for three consecutive days in May 2016, which resulted in her purchases "artificially raising and setting the closing prices of these shares on all three days." 

"As the closing prices of these shares had an impact on the value of her collateral, her collateral value increased correspondingly," MAS added.

MAS ruled that Tan's trading activity which created a "false appearance with respect to the price of the shares," contravenes section 197(1A)(b) of the Securities and Futures Act.

“Trading behaviour that has the effect of distorting prices adversely affect the fair and orderly functioning of our capital markets. MAS will take firm action against participants who are reckless as to whether their trades are likely to create a false appearance in the prices of securities,"  MAS' Assistant Managing Director for Policy, Payments & Financial Crime, Loo Siew Yee, said
 

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