What market misconduct did former CIMB traders engage in?

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Former CIMB Traders Penalised for Market Manipulation

Two former trading representatives from CIMB Securities (Singapore) Pte Ltd, Ngin Kim Choo and Yeo Jin Lui, have been penalised by the Monetary Authority of Singapore (MAS) for engaging in market misconduct. They admitted to contravening Section 197(1)(b) of the Securities and Futures Act (SFA) by executing a client’s instruction to purchase shares of KS Energy Ltd (KSE) with the intent to artificially inflate the company's share prices. This action constitutes market manipulation, a serious offence aimed at distorting fair market valuations.
Execution of Trades to Inflate Share Prices

Ngin Kim Choo and Yeo Jin Lui facilitated a client's directive to purchase KS Energy Ltd (KSE) shares. The explicit purpose of these trades was to create a false impression of increased demand and thereby artificially inflate the stock's market price. Ngin managed the CIMB trading account for her client, Kris Wiluan, who is also the CEO of KSE, while Yeo managed the account in Ngin’s absence.
Financial Penalties and Prohibition Orders Issued

As a consequence of their admitted contraventions, Ngin Kim Choo was required to pay a civil penalty of S$100,000, and Yeo Jin Lui paid S$50,000. These penalties were settled without court proceedings. In addition to the financial sanctions, MAS issued prohibition orders (POs) against both individuals. Ngin received a five-year PO, and Yeo was issued a four-year PO, both effective from April 25, 2022.
Restrictions on Future Market Participation

The prohibition orders imposed by MAS significantly restrict the future professional activities of Ngin and Yeo within the financial services industry. They are barred from undertaking any regulated activities, managing capital markets services firms, or providing financial advisory services. This prohibition extends to holding directorships or substantial shareholdings in firms regulated under the Securities and Futures Act and the Financial Advisers Act, effectively barring them from key roles in the financial sector for the duration of their orders.

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What market misconduct did former CIMB traders engage in?

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