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Ex-DBS trader jailed 16 weeks in Singapore's first spoofing case

Bloomberg Published on Wed, Mar 22, 2017 / 11:00 AM GMT+8

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SINGAPORE (March 22): A former trader at DBS Group Holdings Ltd.’s brokerage unit was sentenced to 16 weeks in jail after being convicted in Singapore’s first criminal spoofing case.

Dennis Tey Thean Yang, 33, was given the sentence on Wednesday. The former DBS Vickers Securities (Singapore) Pte broker had pleaded guilty to eight of 23 charges, including attempts to artificially move prices through fraudulent securities orders and misusing other people’s trading accounts without consent. He made a profit of $30,239 from October 2012 to January 2013.

“It is in the interest of the community to root out spoofing to ensure that the financial markets are genuine,” District Judge Jasvender Kaur said. “If such misconduct is not efficiently deterred, then the manipulators would be protected at the expense of the market participants whom the law is supposed to protect.”