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Singaporean charged with acts that were likely to defraud fund investors
A 41-year-old man was charged on Thursday with two counts of engaging in acts that were likely to defraud investors of a fund.
Singaporean Sun Weiyeh is accused of selling the bonds of a company at lower prices to an investment bank, and then repurchasing them at a higher price. He was alleged to defraud the investors of a fund managed by One Asia Investment Partners.
Sun was said to have sold the bonds MIEHOL 180206 Mie Holdings Corp 2013/2018 on Jan 19, 2016 at US$25.375 to Pareto Securities, despite there being an offer for the bonds at about US$33.
Pareto Securities is an independent full-service investment bank.
After selling the bonds at a lower price, he allegedly bought them back from Pareto Securities into the Arion Asia Credit Fund - Investment Grade Bond Fund II at a slightly higher price of US$25.50.
Sun allegedly did the same to the bonds MIEHOL 190425 Mie Holdings Corp 2014/2019, when he sold them on the same day at US$21.875 to Pareto Securities although there was an offer for the bonds at about US$32. He was said to buy back the bonds into the Arion Asia Credit Fund - Investment Grade Bond Fund II at US$22.
The charge sheets did not state the capacity in which Sun allegedly committed the offences.
His counsel said that he's just been briefed and would need to take instructions from Sun, including making representations where necessary.
Sun is out on bail of S$150,000 and the next court mention is Nov 26.
He could be fined up to S$250,000, jailed up to seven years or both, for each count upon conviction.