MAS enforces 5-year prohibition on ex-RHB rep for market misconduct

The prohibition order took effect on 3 September.

The Monetary Authority of Singapore (MAS) has slapped a former representative of RHB Securities (Singapore) with a five-year prohibition order (PO) for market misconduct offences.

MAS issued the PO against Chong Yew Mun Alan after he was convicted for offences under the Securities and Futures Act (SFA) relating to false trading in the shares of Catalist-listed Koyo International Limited (Koyo).

"Chong’s offences have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly," MAS said.

The PO, effective 3 September, prohibits Chong from providing any financial advisory service, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act.

The PO also bans Chong “from performing any regulated activity and taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the SFA."

According to MAS, Chong participated in a scheme with Lin Eng Jue to artificially raise the price of Koyo shares by trading at gradually higher prices.

“On Mr Lin’s instruction, Mr Chong carried out trades of Koyo shares in 15 trading accounts using the account holders’ login credentials to trade on various brokerage firms’ online trading platforms," MAS said.

"The brokerage firms did not give consent for the trades to be placed on the instructions of anyone other than the account holders," MAS added.