MAS issues 5 year prohibition order against former DBS Vickers remisier
MAS issued prohibition orders against Yeo Jiawei and Kevin Scully. (Photo: AFP/Roslan Rahman)
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Thursday (Dec 21) that it had issued two prohibition orders against former DBS Vickers remisier Tey Thean Yang Dennis.
MAS said in a press release that Tey will be prohibited from managing or acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act (SFA) for five years, from Dec 21.
He will also be banned from managing, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA) for five years.
MAS said between Oct 24, 2012 and Jan 8, 2013, Tey transacted in Contracts for Differences (CFDs) where the underlying securities were listed on the Singapore Exchange.
Knowing that the CFDs were generally priced on a real-time basis to the live prices of the underlying securities, Tey spoofed the market by entering false orders in the underlying securities to temporarily change their prices and that of the corresponding CFDs.
He then executed the CFD trades at prices beneficial to him but detrimental to the CFD providers, after which he removed the false orders.
MAS said he made a total profit of $30,239 through the scheme.
On Mar 22, Tey was convicted of a total of eight charges under the SFA.
He was sentenced to 16 weeks’ imprisonment.……
Singapore Bank MAS
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