Monetary Authority Of Singapore (MAS) has announced that Joseph Chai Ming Leong was earlier today convicted and sentenced to 4 weeks’ imprisonment for furnishing a false statement to Singapore Exchange Derivatives Trading Limited (SGX-DT).
Chai was charged alongside Jimmy Ng Kian Bin and Erik Ng Song Hann to furnish a false statement to SGX-DT back in 2015. At the material time, Mr Chai and Mr Erik Ng were directors of Joerik Financial Pte Ltd (Joerik), a proprietary trading company and an SGX-DT trading member. Mr Jimmy Ng was a trader of Joerik.
On 24 and 27 July 2015, Mr Jimmy Ng repeatedly entered and deleted a series of buy and sell orders for SGX MSCI Singapore Index July 2015 Futures Contracts (SGN15) which he had no intention to fill, creating the illusion of buying or selling interest in SGN15. He also inducted other market participants to trade against him on the opposite side of his fictitious orders, at prices more favourable to him. Jimmy Ng had thereby employed a scheme to defraud these market participants with the fictitious orders.
Chai pleaded guilty and was convicted on the charge, and was sentenced to 4 weeks’ imprisonment.
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