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MAS takes civil penalty action against divorced couple for unauthorised trading

Michelle Zhu Published on Wed, Mar 08, 2017 / 4:16 PM GMT+8

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SINGAPORE (March 8): The Monetary Authority of Singapore (MAS) has obtained a civil penalty judgement against two individuals, Wang Boon Heng and Foo Jee Chin, for carrying out unauthorised share trading in 2007.

A civil penalty action is not a criminal action, and does not attract criminal sanctions as it is designed to complement sanctions and provide what MAS terms a “nuanced approach” to combat market misconduct.

In a Wednesday release, the Singapore’s de facto central bank says the civil penalty judgement is related to the pair’s violation of section 201(b) of the securities and futures act (SFA), which prohibits any conduct that operates as a fraud of deception in connection with the subscription, purchase or sale of securities.