Singapore Court Convicts 5 Remisiers from DBS, OCBC, Phillip Securities & Maybank Kim Eng to Jail & Total Fine of S$1.23 Million for False Trading of 55 Securities Listed on Singapore Exchange, Profited S$1.2 Million from Market Rigging
9th September 2022 | Singapore
The Singapore court has convicted 5 remisiers from DBS Vickers, OCBC Securities, Phillip Securities & Maybank Kim Eng to jail and a total fine of S$1.23 Million for false trading of 55 securities listed on Singapore Exchange, profiting S$1.2 million from their market rigging actions 85 times between March 2015 to April 2016. The 5 individuals, Lim Ming Chit (Phillip Securities) were sentenced to 12 weeks’ imprisonment and a fine of S$260,000, Alan Lee (OCBC Securities) was sentenced to 24 weeks’ imprisonment and a fine of S$260,000, Chew Wei Zhan (DBS Vickers Securities) was sentenced to 23 weeks’ imprisonment and a fine of S$260,000, Lee Wei Kai (Phillip Securities) was sentenced to 23 weeks’ imprisonment and a fine of $260,000, and Lim Ming Yi (Maybank Kim Eng Securities) was sentenced to 19 weeks’ imprisonment and a fine of $190,000. See below for Singapore MAS statement on the background of the case.
“ Singapore Court Convicts 5 Remisiers from DBS, OCBC, Phillip Securities & Maybank Kim Eng to Jail & Total Fine of S$1.23 Million for False Trading of 55 Securities Listed on Singapore Exchange, Profited S$1.2 Million from Market Rigging “
Singapore MAS: Background of False Trading of 55 Securities Listed on Singapore Exchange, Profited S$1.2 Million from Market Rigging
Singapore MAS (Monetary Authority of Singapore): On or before 9 March 2015, Mr Alan Lee, Mr Chew, Mr Lee Wei Kai and Mr Lim Ming Chit agreed to carry out a scheme to create a false appearance of active trading in certain securities listed on the Singapore Exchange (the Scheme). The Scheme involved them conducting coordinated trades in targeted share counters in larger volumes and at higher prices, to create an artificial impression of market interest in the securities they owned, thereby inducing other market participants to trade in the securities and driving up the share prices.
From 9 March 2015 to 10 June 2015, the Scheme was carried out between Mr Alan Lee, Mr Chew, Mr Lee Wei Kai and Mr Lim Ming Chit in respect of 17 securities on 17 separate occasions. On or around 11 June 2015, Mr Lim Ming Yi joined the Scheme. From 11 June 2015 to 12 April 2016, between two to five of the individuals carried out the Scheme in respect of 46 securities on 68 separate occasions.
In total, the five individuals made a profit of about $1.2 million from the market rigging scheme. Heavy fines were imposed in order to disgorge the five individuals of the profits that they earned.
The investigations against the five individuals arose from a referral by the Singapore Exchange Securities Trading Limited. Their convictions were a result of a joint investigation conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.
Singapore Court Verdict:
On 4 May 2022, Mr Lim Ming Chit, a former remisier with Phillip Securities Pte Ltd (PSPL), pleaded guilty to and was convicted of 10 charges under section 197(1)(a) of the Securities and Futures Act (SFA). 12 remaining charges under the same section were taken into consideration for the purpose of sentencing. On 18 May 2022, Mr Lim was sentenced to 12 weeks’ imprisonment and a fine of $260,000.
3 On 18 August 2022, four other individuals were convicted of charges under section 197(1)(a) of the SFA and sentenced on 30 August 2022. The details of their convictions and sentences imposed are as follows:
a) Mr Alan Lee, a former remisier with OCBC Securities Pte Ltd, pleaded guilty to and was convicted of 20 charges. 60 remaining charges were taken into consideration for the purpose of sentencing. Mr Lee was sentenced to 24 weeks’ imprisonment and a fine of $260,000.
b) Mr Chew Wei Zhan, a former remisier with DBS Vickers Securities (Singapore) Pte Ltd, pleaded guilty to and was convicted of 20 charges. 59 remaining charges were taken into consideration for the purpose of sentencing. Mr Chew was sentenced to 23 weeks’ imprisonment and a fine of $260,000.
c) Mr Lee Wei Kai, a former remisier with PSPL, pleaded guilty to and was convicted of 20 charges. 41 remaining charges were taken into consideration for the purpose of sentencing. Mr Lee was sentenced to 23 weeks’ imprisonment and a fine of $260,000.
d) Mr Lim Ming Yi, a former remisier with Maybank Kim Eng Securities Pte Ltd, pleaded guilty to and was convicted of 20 charges. 35 remaining charges were taken into consideration for the purpose of sentencing. Mr Lim was sentenced to 19 weeks’ imprisonment and a fine of $190,000.
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