MAS issues two 5-year prohibition orders on former DBS Vickers trader

Singapore assets under management growth declines year-on-year
Monetary Authority of Singapore (MAS) Reuters

The Monetary Authority of Singapore (MAS) on Thursday slapped two five-year prohibition orders against former DBS Vickers trader, Dennis Tey, for unauthorised trading and fraud.

Tey, 33, will be prohibited from performing any regulated activity, and taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act.

He will also be unable to provide any financial advisory services, and take part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act, MAS said in a statement.

According to the MAS, between October 2012 and January 2013, Tey used different trading accounts to enter false orders in underlying securities, in order to temporarily change the prices of their corresponding Contract for Differences (CFD).

Tey then executed CFD trades at the changed prices, before removing the false orders for the underlying securities. This caused the CFD prices to move in a direction that was beneficial to him but detrimental to the CFD providers. He made a total profit of $30,239 through the scheme, the regulatory statement said.

Tey was convicted of six charges on March 22 for employing a scheme to defraud and for unauthorised trading. He was sentenced to a total of 16 weeks' imprisonment.

Earlier this year, MAS issued two prohibition orders against a former Oversea-Chinese Banking Corp trader for carrying out unauthorised share trades.

Prem Hirubalan, a representative of OCBC Securities from May 2010 to May 2011, conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around $81,000 from one of these customers, MAS said.

The Monetary Authority of Singapore (MAS) on Thursday slapped two five-year prohibition orders against former DBS Vickers trader, Dennis Tey, for unauthorised trading and fraud.

Tey, 33, will be prohibited from performing any regulated activity, and taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act.

He will also be unable to provide any financial advisory services, and take part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act, MAS said in a statement.

According to the MAS, between October 2012 and January 2013, Tey used different trading accounts to enter false orders in underlying securities, in order to temporarily change the prices of their corresponding Contract for Differences (CFD).

Tey then executed CFD trades at the changed prices, before removing the false orders for the underlying securities. This caused the CFD prices to move in a direction that was beneficial to him but detrimental to the CFD providers. He made a total profit of $30,239 through the scheme, the regulatory statement said.

Tey was convicted of six charges on March 22 for employing a scheme to defraud and for unauthorised trading. He was sentenced to a total of 16 weeks' imprisonment.

Earlier this year, MAS issued two prohibition orders against a former Oversea-Chinese Banking Corp trader for carrying out unauthorised share trades.

Prem Hirubalan, a representative of OCBC Securities from May 2010 to May 2011, conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around $81,000 from one of these customers, MAS said.

This article was first published on December 21, 2017
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