Individuals convicted under this section of the Act face imprisonment of up to seven years, a fine not exceeding S$250,000, or both
TWO individuals were charged with false trading offences under Section 197(1)(b) of the Securities and Futures Act (SFA) on Monday (Nov 25).
Individuals convicted of a charge under this section of the SFA face imprisonment of up to seven years, a fine not exceeding S$250,000, or both.
The Singapore Police Force (SPF) said in a statement on Tuesday that a man named Wong Chow Lin and a woman who was his trading representative at the time, Gillian Isabel Siow Siang Sok, were charged for false trading of EuroSports Global shares in 2017 and 2018.
Investigations by the Monetary Authority of Singapore (MAS) and the SPF’s Commercial Affairs Department showed that Wong allegedly traded in shares of the luxury car distributor to push up the closing price of its shares on 77 trading days between Feb 24, 2017, and Jan 12, 2018.
Wong was charged with one count under Section 197(1)(b) of the SFA for engaging in conduct that created a misleading appearance with respect to EuroSports Global share prices during this period.
Siow was charged with one count under Section 197(1)(b) of the SFA, read with Section 109 of the Penal Code, for intentionally aiding Wong in false trading.
The charges followed a joint investigation by the MAS and the SPF’s Commercial Affairs Department that arose from a Singapore Exchange Securities Trading Limited referral.
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