I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

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Wednesday, 22 June 2011

Proprietary trader fined S$200,000 for manipulating stock market

 Createwealth8888: For obvious reason, I avoid low volume for short-term trading.

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SINGAPORE: Forty-four-year-old Sim Tee Yang, who was with CIMB GK Securities, was fined S$200,000 for manipulating the stock market.

Sim knew that by trading in both CapitaMall Trust units and warrants, he could influence their prices and make a profit.

He lost some S$8,700 after trading with CapitaMall Trust units between May and August 2005.

But made a gain of more than S$25,000 when he traded with CapitaMall warrants at the same time.

As a result, he made a net profit of almost S$17,000.

Sim, who pleaded guilty to four charges last month, could have been jailed up to seven years, fined a maximum of S$250,000 or both, for each charge.

Eight remaining ones were taken into consideration during sentencing.

Defence counsel Andy Yeo told District Judge Toh Yung Cheong that Sim, who had a clean record, had not set out to undermine or rig the market.

Mr Yeo pleaded for Sim to be fined S$100,000, saying that this was "manifestly adequate".

Deputy Public Prosecutor James Lee, however, asked for a deterrent fine.

He stressed that there was a need to deter "sophisticated market players", like Sim from committing a similar offence.

"The need to protect investors' confidence in the financial market cannot be emphasised more", said DPP Lee.

- CNA/cc

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