A FORMER representative of fund management company Nech Capital was issued a five-year prohibition order by the Monetary Authority of Singapore (MAS) on Tuesday (Sep 24) for dishonest conduct.
Effective from Tuesday, Pan Qi will be barred from performing any regulatory activity, and from taking part in the management, acting as director, MAS said.
He is also not allowed to become a substantial shareholder of any capital markets services firm under the Securities and Futures Act.
The order was issued after the State Courts convicted Pan of conducting a fraudulent business operation.
Between Jan 4, 2019 and Jul 24, 2020, Pan worked as a trader at Nech Capital, where he was responsible for trading using the company’s trading accounts. Profit earned from the trades were to be entered into a fund managed by Nech Capital.
Pan had executed trades in several securities counters between the company accounts and those of his relatives. However, his trades were conducted in a manner that profited him at the expense of the company, said MAS.
For his actions, Pan was sentenced to a five-week jail term and fined S$120,000.
“Pan’s conviction and contraventions have given MAS reason to believe that he will not perform capital markets services honestly,” said the authority.
“While Pan is no longer an appointed representative in Singapore, the prohibition order was issued against him to safeguard the integrity of and trust in Singapore’s financial sector,” it added.
