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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.

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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