Ex-CEO, directors of Envision Wealth Management charged by MAS

They allegedly committed offences against the Securities and Futures Act, amongst others.

Singapore authorities have charged the former CEO and two former directors of Envysion Wealth Management, currently known as Hui Xun Asset Management, for offences against regulations related to securities and futures, and financial advisory.

The three individuals– former CEO Shim Wai Han, former chief investment officer Doo Chun Ki, and Tan Kay Siong, former chief operating officer and chief compliance officer– are being charged for offences under the Securities and Futures (Licensing and Conduct of Business) (SF(LCB)R) regulations, and the Securities and Futures Act (SFA).

The Monetary Authority of Singapore (MAS) found that the three individuals failed to “put in place an appropriate risk management framework in respect of the assets under management of the fund.”

The three also reportedly connived in Envysion’s failure to mitigate conflicts of interest related to loans received by former CEO Shim Wai Han, and referral fees received by Envysion for investing into a company Envy Global Trading through the fund. 

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Shim is being charged a total of five counts for failures to put appropriate risk management framework in the fund (one count); for failure to mitigate conflicts of interest arising from the management of assets in the fund (one count); for making false statements (one count); and for forwarding email correspondence between MAS and Envysion to one Ng Yu Zhi, who is the former director of Envy Global Trading (two counts).

Doo and Tan are being charged for their failure to put an appropriate risk management framework in the fund (one count each) and for conniving in the failure to mitigate conflicts of interest (one count each).

If convicted, Shim faces imprisonment of up to 5 years and a combined fine of up to $154,000. Doo and Tan, meanwhile, face being fined by up to $100,000 each.