Man fined $50,000 over 3rd-party trading
He used own accounts to trade on behalf of someone else
Published on Apr 12, 2012
By Yasmine Yahya
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $50,000 on a man for using his accounts to trade for someone else.
According to a statement issued by the regulator last evening, Mr Lau Kee Swan had knowingly opened securities trading accounts with various brokerage houses for the purpose of trading on behalf of a third party.
He then conducted trades in those accounts for the benefit of the third party, the MAS said.
It said: 'Mr Lau's dealings with these brokerage houses had led them to believe that the accounts were opened and operated for Mr Lau himself.
Read the full story in Thursday's edition of The Straits Times.
