21 Jun '11, 6am

Proprietary trader fined S$200,000 for manipulating stock market

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 b...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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