Monetary Authority of Singapore summarises Q1 2025 enforcement actions with civil penalties for false trading and a six-year prohibition order

The Monetary Authority of Singapore (MAS) published an overview of its key public enforcement actions from January to March 2025, featuring civil penalty actions for false and unauthorised trading and a six-year prohibition order issued to a former representative following criminal conviction. The quarter’s actions included a civil penalty of SGD 350,000 imposed on Mr Gui Boon Sui @ Goi Chon Yan for false trading in shares of Hiap Hoe Limited and Hotel Grand Central Limited, and for trading through other persons’ accounts without brokerage firm authorisation, following a joint investigation by MAS and the Commercial Affairs Department (CAD) after a referral from Singapore Exchange Regulation Private Limited. MAS also imposed civil penalties on Mr Aw Yong Leon Heng, Mr Neo Say Hwee, Mr Chang Bing Quan Daryl, Mr Cheng Jia Hong and trading representative Mr Tan Keng Cheng for abetting Mr Lim Tiong Hian in false trading and related unauthorised use of trading accounts under the Securities and Futures Act, following a joint MAS-CAD investigation after a referral from Singapore Exchange Securities Trading Limited. Separately, MAS issued Mr Lim Kok Tiong Danny, a former representative of Professional Investment Advisory Services Pte Ltd, a six-year prohibition order under the Financial Services and Markets Act 2022 after his State Courts conviction for forgery and cheating offences under the Penal Code.