Jail Time for Singapore Spoofer

A Singapore
man has been sentenced to 16 weeks’ imprisonment for spoofing contracts for
difference (CFD) markets in the city state.

Following a
joint investigation conducted by the Monetary Authority of Singapore (MAS) and
the Commercial Affairs Department of the Singapore Police Force, Tey Thean Yang
Dennis was convicted by the State Courts of offences involving “the employment
of a device or scheme to defraud” two CFD providers, IG Asia and CMC Markets
Singapore.

The
authorities say that between 24 October 2012 and 8 January 2013, while working
as a remisier with DBS Vickers Securities (Singapore), Tey transacted in CFDs
offered by the two firms where the underlying securities were listed on the
Singapore Exchange. 

It was
found that Tey knew that the CFDs were generally priced on a real-time basis to
the live prices of the underlying securities whereupon he entered false orders
in the underlying securities, in order to temporarily change the prices of the
securities and thereby the prices of the corresponding CFDs. 

He then
executed the CFD trades at prices which were beneficial to him but were detrimental
to the two CFD providers. 

After
executing the CFD trades, Tey removed the false orders for the underlying
securities. Tey used different trading accounts to enter the false orders in
the underlying securities and to execute the CFD trades, and made a total
profit of $30,239, MAS says. 

He was
charged on 23 counts on 22 July 2016, and on 10 March 2017, Tey pleaded guilty
to eight of these charges and agreed to have the remaining 15 charges taken
into account by the court in sentencing.

Colin_lambert@profit-loss.com

Twitter
@lamboPnL

Twitter
@Profit_and_Loss

Colin Lambert

Share This

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit

Related Posts in