Man issued $50,000 civil penalty by MAS

Man issued $50,000 civil penalty by MAS

SINGAPORE - The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Lee Hon Sun for breaching the Securities and Futures Act (SFA), which prohibits the employment of manipulative and deceptive devices in connection with the subscription, purchase or sale of securities.

Mr Lee had opened a securities trading account with Phillip Securities Pte Ltd (PSPL) for the purpose of allowing a third party to trade and had deceived PSPL that the account was opened and operated for his benefit when the beneficial owner of the account was in fact the third party.

Mr Lee has admitted to contravening Section 201(b) of the SFA and paid MAS a civil penalty of $50,000, without court action.

A civil penalty action is not a criminal action and does not attract criminal sanctions. The civil penalty regime, designed to complement criminal sanctions and provide a nuanced approach to combat market misconduct, became operational at the beginning of 2004.

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