The Monetary Authority of Singapore announced that, in two separate Securities and Futures Act cases, Tan Chun Yong and Xie Jianfeng were convicted and sentenced for trading offences. Tan received 10 weeks’ imprisonment for abetting false trading in KTL shares and enabling unauthorised trading through six client accounts, while Xie was fined SGD 200,000 for insider trading in Sasseur REIT units while in possession of material non-public information on the REIT’s FY2020 results. Tan, then a trading representative with OCBC Securities Pte Ltd, enabled Tang Boon Hai to place KTL share orders between 4 November 2014 and 8 September 2015 through six accounts that Tang was not authorised to operate, creating a false appearance of active trading and deceiving the brokerage firm about who was placing the orders. After a 28-day trial, Tan was found guilty on one charge of intentionally aiding false trading and six charges of engaging in conduct likely to operate as a deception on the brokerage firm. Xie, then General Manager of the Finance Department of a related corporation of Sasseur Asset Management Pte Ltd, bought Sasseur REIT units on 18 and 22 February 2021 and sold them after the 26 February 2021 results announcement, making a profit of about SGD 223,572.68. One additional insider trading charge and a charge relating to trades carried out for former colleagues without proper beneficial ownership disclosure to CGS-CIMB Securities Pte Ltd were taken into consideration for sentencing. He also paid SGD 88,852.68 to the State as disgorgement of his share of profits and voluntarily contributed USD 100,000 to charity. Both cases were jointly investigated by MAS and the Commercial Affairs Department following referrals from Singapore Exchange Securities Trading Ltd and Singapore Exchange Regulation Private Limited respectively.

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