MAS slaps former UOB Kay Hian rep with $100,000 civil fine over false trading
The individual was also issued four-year prohibition orders.
A former trading representative of UOB Kay Hian (UOBKH) was fined a $100,000 civil penalty by the Monetary Authority of Singapore (MAS) over false and unauthorised trading.
In a report, MAS said Chua Kah Boey, female, committed false trading by executing a client’s instructions to purchase Gaylin Holdings Ltd (GHL) shares to create a misleading appearance for the price of the shares.
“She also committed unauthorised trading by executing a third party’s trading instructions through two other trading accounts without authorisation from her former employer,” MAS added.
Chua had already paid the civil penalty and would no longer face court action for her violation of sections 197(1A)(b) and 201(b) of the Securities and Futures Act 2001 (SFA).
Apart from a civil fine, Chua also received four-year prohibition orders (POs) which took effect on 18 August.
The POs will ban Chua from performing any regulated activity or taking part in the management of, acting as a director of, or becoming a substantial shareholder of a holder of any capital markets services firm under the SFA.
She will also be prohibited from providing any financial advisory service or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001.