Singapore regulator jails five brokers for false trading

Mark Battersby
clock • 3 min read

Monetary Authority of Singapore said on 8 September that  five former remisiers, who worked at firms including DBS, OCBC and Maybank, have been jailed for up to 24 weeks and fined up to S$260,000. The convictions were for false trading in the shares of 55 securities listed on the Mainboard and Catalist of the Singapore Exchange, over 85 occasions between 9 March 2015 and 12 April 2016.  On 4 May 2022, Mr Lim Ming Chit, a former remisier with Phillip Securities Pte Ltd (PSPL), pleaded guilty to and was convicted of 10 charges under section 197(1)(a) of the Securities and Futures Act (S...

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