MAS fines UOB Kay Hian stockbroker $110,000 for insider trading
PUBLISHED ONJanuary 25, 2016 1:15 AM
SINGAPORE - A stockbroker from UOB Kay Hian has been fined $110,000 for insider trading, the Monetary Authority of Singapore (MAS) said on Monday.
In a statement, MAS said that in 2011, Wong Teck Kui purchased a total of 1.3 million Time Watch Investments Limited (TWI) shares through trading accounts held by his wife, sister and mother while he was in possession of non-public information about a proposed voluntary delisting and concurrent exit offer for TWI shares.
He made a profit of $43,636 from insider trades as a result.
Besides the fine, MAS has also issued a prohibition order to Wong, prohibiting him from conducting business or acting as a representative in any regulated activity under the Securities and Futures Act for two years from January 29, 2016.
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