They engaged in a 7-year front-running arrangement resulting in profits of $8.07m.
The Monetary Authority of Singapore (MAS) has slapped prohibition orders (POs) against the three individuals who were earlier convicted of insider trading, an announcement revealed.
Former remisier of UOB Kay Hian, E Seck Peng Simon received a 15-year long PO, whilst the two former senior equity dealers from First State Investments, Leong Chee Wai and Toh Chew Leong, were given durations of 15 and 13 years, respectively.
The three individuals, who were representatives of Capital Markets Services Licence holders at that time, engaged in a front-running arrangement over a 7-year period resulting in profits of $8.07m and colluded to misuse confidential information obtained in the course of their work for personal gain.
All three POs have taken effect last 13 August. The individuals are prohibited from performing any regulated activity under the Securities and Futures Act (SFA) and from taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets services firm under the act.
In July, Leong, E and Toh were convicted of insider trading offences and sentenced to 36 months, 30 months and 20 months imprisonment, respectively. They were charged with a total of 333 counts of insider trading offences. This is the first case of front-running prosecuted as an insider trading offence in Singapore, which carries a more severe penalty.
Furthermore, the State Court also ordered that the sums of approximately $310,000, $770,000 and $1,350,000 be forfeited to the State from Leong, E and Toh, respectively. These monies, suspected to be criminal proceeds, were seized from the individuals in the course of investigations conducted by MAS.
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