Singapore Man Fined S$350,000 for False Shares Trading by MAS

On January 13, the Monetary Authority of Singapore (MAS) and the Singapore Police Force issued a joint statement announcing a S$350,000 fine for Gui Boon Sui.

Between December 2018 and August 2022, Gui purchased shares in Hiap Hoe Limited (HHL) and Hotel Grand Central Limited (HGC) to conduct false trading by artificially inflating the closing prices of the shares.

MAS and the Singapore Police Force launched a joint investigation into the matter.

The results of the investigation also revealed that Gui not only used his own account to conduct such illegal trades, but also traded using the accounts of others. He used the accounts of two of his employees to purchase shares in HHL and HGC without authorization from the brokerage firm.

Gui admitted that his conduct violated the Securities and Futures Act and will pay a civil penalty to MAS without court action. In addition, he has promised not to serve as a director or participate in the management of the company for the next two years.