Singapore police extends support of MAS' criminal probes

The investigations will now cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA).

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force will extend their Joint Investigations Arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA).

According to a joint statement, the expansion in the scope of the Joint Investigations Arrangement will start from 17 March 2018. “This will allow for greater efficiency and more effective enforcement of capital markets and financial advisory offences,” the two said.
The three convictions secured under the joint investigations are: (1) Dennis Tey Thean Yang, convicted in March 2017, for employing a scheme to defraud two providers of contract for differences; (2) Alan Tay Yeow Kee, convicted in May 2017, for insider trading in the shares of Qualitas Medical Group Limited and Leeden Limited; and (3) Mok Piak Liang, convicted in January 2018, for false trading in the shares of Wilton Resources Corporation Limited.

The CAD-MAS Joint Investigations Arrangement was launched in March 2015, when both agencies collaborated to co-investigate market misconduct offences under Part XII of the SFA, such as market manipulation and insider trading activities.

“To-date, the joint investigations have secured a conviction against three perpetrators of market misconduct. Several other cases are also before the courts, including persons involved in the alleged manipulation of shares in Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd.,” MAS and SPF said.