MAS fines trader $350k for false trading and unauthorized activities

Gui manipulated the prices of shares on 554 occasions for HHL and 56 occasions for HGC, MAS, and Singapore Police Force noted.

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $350,000 on Gui Boon Sui for engaging in false trading and unauthorised trading activities.

In a statement, MAS and Singapore Police Force said Gui contravened Sections 197(1)(b) and 201(b) of the Securities and Futures Act (SFA) by artificially inflating the closing prices of shares in Hiap Hoe Limited (HHL) and Hotel Grand Central Limited (HGC).

Between December 2018 and August 2022, Gui manipulated the prices of these shares on 554 occasions for HHL and 56 occasions for HGC, they noted.

Gui admitted to the violations and agreed to pay the civil penalty without court proceedings. Additionally, he undertook not to act as a company director or participate in the management of any company for the next two years.

Penalties can be as high as three times the profits gained or losses avoided, with minimum thresholds of $50,000 for individuals and $100,000 for corporations.