MAS bans former bank employee who engaged in scheme to defraud IG Asia

Maria Nikolova

Chew Swee Sun Johnny engaged in a scheme to defraud IG Asia by placing false orders for securities in three SGX-listed counters.

The Monetary Authority of Singapore (MAS) today announces that it has issued a prohibition order (PO) against a former bank employee for fraud and dishonest conduct.

The 3-year PO against Mr Chew Swee Sun Johnny, former representative of Bank of Singapore Limited, took effect from August 18, 2020.

Mr Chew is prohibited for a period of three years from (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and (ii) performing any regulated activities, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market licensee under the Securities and Futures Act (Cap. 289) (SFA).

Between April 2012 and December 2012, Mr Chew employed a scheme to defraud securities firm IG Asia Pte Ltd (IG Asia) by placing false orders for securities in three SGX-listed counters. He did so in his personal capacity using his personal trading accounts, as well as accounts belonging to his relatives and a friend. This was done with the sole purpose of influencing the associated Contracts for Differences (CFD) prices offered by IG Asia in his favour. The trades in the underlying securities were ultimately never executed, and would be withdrawn shortly after the CFD orders were executed.

Mr Chew eventually made restitution to IG Asia.

Mr Chew was convicted of employing a scheme to defraud and for unauthorised trading under the SFA. The Court sentenced him to 8 week’s imprisonment.

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