The three “colluded to misuse confidential information for personal gain, thereby undermining market integrity,” Loo Siew Yee, assistant managing director for policy, payments and financial crime, said in the statement. “MAS will pursue insider-trading charges against individuals involved in front running in appropriate cases and ensure that those guilty of such misconduct are kept out of the industry.”
(July 11): Singapore’s main financial regulator said it’s just seen the first-ever convictions for front-running prosecuted as an insider-trading offense in the city-state, one the world’s most sophisticated financial hubs.
Leong Chee Wai, E Seck Peng Simon and Toh Chew Leong, who were charged with a total of 333 counts of insider trading offenses, were convicted and sentenced to 36 months, 30 months and 20 months imprisonment respectively, the Monetary Authority of Singapore said in a statement. Their front-running arrangement had yielded profits of $8.1 million over seven years, it said in a statement Wednesday.
