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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
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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