SEC freezes assets of Maybank KE Singapore customers on insider trading suspicions

[SINGAPORE] The United States Securities and Exchange Commission (SEC) has frozen the assets of certain unknown customers of Singapore broker-dealer Maybank Kim Eng Securities on suspicions of insider trading.

In a court order obtained on Feb 24 and seen by The Straits Times, the SEC alleged that the Maybank customers made about US$1.7 million (S$2.4 million) in potentially illegal trading profits ahead of the announcement on Feb 14 that Japanese tech giant Softbank Group had agreed to acquire New York-listed Fortress Investment Group.

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