The Monetary Authority of Singapore (MAS) today issued a five-year prohibition order (PO) against Mr Chong Yew Mun Alan, a former representative of RHB Securities (Singapore) Pte. Ltd.
The order was issued following Mr Chong’s conviction in the State Courts for offences under the Securities and Futures Act (SFA) relating to false trading in the shares of Catalist-listed Koyo International Limited (Koyo). Mr Chong’s offences have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly.
Between 1 December 2015 and 15 January 2016, Mr Chong had participated and assisted Mr Lin Eng Jue in a scheme to create a false appearance regarding the price of Koyo shares by trading at progressively higher prices. The aim of the scheme was to attract a buyer to acquire the company via a reverse takeover.
On Mr Lin’s instruction, Mr Chong carried out trades of Koyo shares in 15 trading accounts using the account holders’ login credentials to trade on various brokerage firms’ online trading platforms.
The brokerage firms did not give consent for the trades to be placed on the instructions of anyone other than the account-holders.
For his actions, Mr Chong was convicted on 9 May 2023 for abetting Mr Lin to commit false trading in Koyo shares, and for deceiving several brokerage firms through the unauthorised use of trading accounts. He was sentenced to 11 weeks’ imprisonment on 13 July 2023.
Under the PO, which took effect today, Mr Chong is prohibited from providing any financial advisory service, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act. He is also prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the SFA.
