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I just wonder how did mas/brokerage house find out that he was the beneficial owner of the two separate accounts maintained by 2 other persons?
AsiaOneThursday, Oct 31, 2013SINGAPORE - The former executive director of local building solutions company Natural Cool Holdings has been fined $150,000 by the Monetary Authority of Singapore (MAS) for contravening the Securities and Futures Act (SFA). According to a statement released by MAS, Mr Ang Choon Cheng carried out purchases which were intended to create, and which created, a false or misleading appearance with respect to the price of securities. His actions also violated a section in the SFA, which prohibits the employment of manipulative and deceptive devices in connection with the subscription, purchase or sale of securities. Mr Ang, who was then an executive director of Natural Cool Holdings Ltd, had pledged Natural Cool shares to financial institutions for financing purposes. On 35 days between Jan 9, 2008 and June 16, 2009, Mr Ang bought Natural Cool shares to maintain or raise the price of Natural Cool shares so as to prevent margin calls. As a result of the purchases, Natural Cool shares closed as much as 12 bids, or 30 per cent, above the preceding traded price. Through his actions, Mr Ang intended to create, and created a false or misleading appearance with respect to the price of Natural Cool shares, MAS said. Mr Ang carried out the purchases, as well as two sale transactions in Natural Cool shares, using the securities trading accounts maintained by two other persons with the same brokerage house. This led the the brokerage house into believing that the purchases and sales were for the benefit of the respective account holders, when he was in fact the beneficial owner of those trades. Mr Ang was subsequently made to pay a civil penalty of $150,000 to MAS without court action. Mr Ang has also resigned as a director and Chief Executive Officer of Natural Cool on Oct 31, and has also given a voluntary undertaking to MAS not to be a company director for a period of one year with effect from Oct 31, 2013. grongloh@sph.com.sg
AsiaOneThursday, Oct 31, 2013SINGAPORE - The former executive director of local building solutions company Natural Cool Holdings has been fined $150,000 by the Monetary Authority of Singapore (MAS) for contravening the Securities and Futures Act (SFA). According to a statement released by MAS, Mr Ang Choon Cheng carried out purchases which were intended to create, and which created, a false or misleading appearance with respect to the price of securities. His actions also violated a section in the SFA, which prohibits the employment of manipulative and deceptive devices in connection with the subscription, purchase or sale of securities. Mr Ang, who was then an executive director of Natural Cool Holdings Ltd, had pledged Natural Cool shares to financial institutions for financing purposes. On 35 days between Jan 9, 2008 and June 16, 2009, Mr Ang bought Natural Cool shares to maintain or raise the price of Natural Cool shares so as to prevent margin calls. As a result of the purchases, Natural Cool shares closed as much as 12 bids, or 30 per cent, above the preceding traded price. Through his actions, Mr Ang intended to create, and created a false or misleading appearance with respect to the price of Natural Cool shares, MAS said. Mr Ang carried out the purchases, as well as two sale transactions in Natural Cool shares, using the securities trading accounts maintained by two other persons with the same brokerage house. This led the the brokerage house into believing that the purchases and sales were for the benefit of the respective account holders, when he was in fact the beneficial owner of those trades. Mr Ang was subsequently made to pay a civil penalty of $150,000 to MAS without court action. Mr Ang has also resigned as a director and Chief Executive Officer of Natural Cool on Oct 31, and has also given a voluntary undertaking to MAS not to be a company director for a period of one year with effect from Oct 31, 2013. grongloh@sph.com.sg
