MAS obtains higher civil penalties against two individuals for unauthorised share trading

Reason:
Fraudulent
Content of Penalty:

Singapore, 1 November 2017… The Monetary Authority of Singapore (MAS) has successfully obtained higher civil penalties against Mr Wang Boon Heng (Wang) and Ms Foo Jee Chin (Foo) for contravening section 201(b) of the Securities and Futures Act (SFA), which prohibits any conduct that operates as a fraud or deception in connection with the subscription, purchase or sale of securities.

MAS felt that the civil penalty quantum awarded by the State Courts did not adequately reflect the severity of the breaches and a higher civil penalty was needed to deter such misconduct. Accordingly, MAS appealed against the State Courts’ civil penalty orders (HC/DCA 6/2017) and, on 31 October 2017, successfully obtained higher civil penalties against Wang and Foo. In this regard, the High Court ordered that the civil penalty against Wang and Foo be raised to S$150,000 and S$75,000 respectively. Wang and Foo were further ordered to pay MAS S$21,000 for the legal costs and disbursements incurred by MAS for the appeal.

Date: 01/11/2017
Amount: 183636.23
Link: http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-obtains-higher-civil-penalties-regarding-civil-penalty-enforcement-action.aspx

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