Trader charged with fraud, deceit under Securities and Futures Act

A TRADER was charged on Friday (Aug 19) over offences involving fraud and deceit under the Securities and Futures Act, the Monetary Authority of Singapore (MAS) said in a statement.

Pan Qi faces charges for engaging in a course of business that operated as a fraud on his ex-employer, fund management company Nech Capital.

Pan is accused of making pre-arranged trades in shares of 24 companies listed on the Singapore Exchange between Jan 4, 2019 and Aug 14, 2020. The trades were made between trading accounts that belonged to him and his relatives, and trading accounts that belonged to his former employer.

The trades were made at prices that resulted in Pan and his relatives’ accounts consistently making trading profits at the expense of the company, MAS said.

Pan is also facing a charge for deceiving CGS-CIMB Securities (Singapore) through the unauthorised use of a trading account.

Pan allegedly failed to obtain authorisation from the brokerage to operate one of the trading accounts that was not under his name, MAS said.

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If convicted, Pan faces a fine of up to S$250,000, or imprisonment for a term of up to 7 years, or both, for each charge.