The five individuals charged were former remisiers for Phillip Securities, OCBC Securities, DBS Vickers Securities, and Maybank Kim Eng Securities.
The State Courts of Singapore have charged five former remisiers from various brokerage firms for false trading, involving 55 securities listed on the mainboard and Catalist of the SGX (Singapore Exchange).
The investigation was jointly conducted by MAS (Monetary Authority of Singapore) and the CAD (Commercial Affairs Department) of the Singapore Police Force.
According to Business Times, the five charged were:
- Alan Lee, a former OCBC Securities remisier, faces 80 charges for false trading in 55 securities on 80 occasions.
- Chew Wei Zhan, a former DBS Vickers Securities remisier, faces 79 charges for false trading in 53 securities on 79 occasions.
- Lee Wei Kai, a former Phillip Securities remisier, faces 61 charges for false trading in 44 securities on 61 occasions.
- Lim Ming Yi, a former Maybank Kim Eng Securities remisier, faces 55 charges for false trading in 41 securities on 55 occasions.
- Lim Ming Chit, a former Phillip Securities remisier, faces 22 charges for false trading in 19 securities on 22 occasions.
All five face charges for conspiring to create a false appearance in the trading of shares to support or raise the share price by executing a series of transactions relating to the stocks, in violation of Section 197 of the Securities and Futures Act. The offences allegedly took place between March 2015 and April 2016.
If found guilty, they face a maximum fine of SGD 250,000 and up to seven years’ jail for each charge.
Alan Lee was offered bail for SGD 250,000, while the others were offered SGD 40,000 bail.
The cases have been adjourned to 17 September for further mention.