MAS releases Prohibition Orders against three individuals for dishonest conduct
The Monetary Authority of Singapore (MAS) issued Prohibition Orders (POs) taking effect on 8 May 2019 against three individuals for dishonest conduct.
Mr Lee was Managing Director and Head of Sales for Jefferies Singapore (JSL) while Mr Ong was Senior Vice President, Credit Trading. They both colluded to trade against JSL using privileged information which they obtained in the course of their work. Between May 2011 and December 2012, Mr Lee also traded in bonds using his private banking account that was intentionally not disclosed to JSL.
In September 2016, Mr Lee joined DZ Bank AG Deutsche Zentral (DZ) as its Director, Head of Sales Asia for Capital Market Sales and as an appointed representative. During his employment process, Mr Lee declared that he had not been subject to any disciplinary proceedings by his former employer which was false. JSL had issued Mr Lee with a written compliance warning for improper business conduct in the handling of a customer order in 2015.
Mr Lee was handed a four-year Prohibition Order and Mr Ong a two-year PO. They are prohibited from performing any regulated activity under the Securities and Futures Act (SFA) and providing any financial advisory service under the Financial Advisers Act (FAA). They are also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
Mr Yap was an appointed representative of Legacy FA Pte. Ltd. from February to July 2017. Between May and July 2017, Mr Yap forged the signatures of five individuals in their insurance application forms as he wanted to expedite their purchases of the insurance policies. He had also provided false information concerning one individual’s health and employment status in one of the applications.
He was handed a two-year PO. He is prohibited from carrying on business as, and taking part in the management of an insurance intermediary under the Insurance Act (IA). He is also banned from providing any financial advisory service and taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA.
Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “MAS expects financial service professionals to uphold high standards of integrity and proper conduct. Professionals who fall short of these standards must be dealt with firmly to safeguard public trust in our financial institutions.”
Date: 13th May 2019
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