Singapore
By Davina Tham 03 Jun 2021 01:33PM (Updated: 03 Jun 2021 01:40PM )
SINGAPORE: A former representative of investment firm Wellington Management has received five-year prohibition orders from the Monetary Authority of Singapore (MAS) after he was jailed for offences involving fraud and dishonesty, the regulator said on Thursday (Jun 3).
Younis Adnan Mohammed was a representative of the investment management firm when "in his personal capacity", he deceived online trading platform OANDA Asia Pacific into crediting S$50,000 into his personal trading account, said MAS.
Younis held an online trading account with OANDA and had a pre-funding agreement with the company, said the regulator.
In March 2019, in order to meet a margin call in his trading account, Younis forged screenshots of a bank transfer and his bank account details to show that S$50,000 had been transferred to OANDA.
No such transfer had been made, said MAS.
After OANDA made a police report, Younis lied to the investigation officer that another person had impersonated him to open the trading account with the company, said the regulator.
Younis pleaded guilty in May last year and was convicted of one count of forgery and one count of providing false information to a public servant. He was sentenced to 16 weeks in jail.
"While Mr Younis had committed the offences in his personal capacity and is no longer an appointed representative in Singapore, the prohibition orders were issued against him to safeguard the integrity of and trust in Singapore's financial sector," said MAS in a media release.
His convictions gave MAS "reason to believe that he will not perform financial advisory or capital markets services honestly", said the regulator.
Under the prohibition orders, which took effect from Wednesday, Younis is banned from providing any financial advisory services, taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm.
He is also banned from performing any regulated activity and from taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets services firm.
Source: CNA/dv(rw)
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MAS bans former financial representative jailed for fraud
A view of the Monetary Authority of Singapore's headquarters on Jun 28, 2017. (File photo: Reuters/Darren Whiteside)By Davina Tham 03 Jun 2021 01:33PM (Updated: 03 Jun 2021 01:40PM )
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SINGAPORE: A former representative of investment firm Wellington Management has received five-year prohibition orders from the Monetary Authority of Singapore (MAS) after he was jailed for offences involving fraud and dishonesty, the regulator said on Thursday (Jun 3).
Younis Adnan Mohammed was a representative of the investment management firm when "in his personal capacity", he deceived online trading platform OANDA Asia Pacific into crediting S$50,000 into his personal trading account, said MAS.
Younis held an online trading account with OANDA and had a pre-funding agreement with the company, said the regulator.
In March 2019, in order to meet a margin call in his trading account, Younis forged screenshots of a bank transfer and his bank account details to show that S$50,000 had been transferred to OANDA.
No such transfer had been made, said MAS.
After OANDA made a police report, Younis lied to the investigation officer that another person had impersonated him to open the trading account with the company, said the regulator.
Younis pleaded guilty in May last year and was convicted of one count of forgery and one count of providing false information to a public servant. He was sentenced to 16 weeks in jail.
READ: Strong action taken to combat financial misconduct, market abuse in Singapore: MAS
"While Mr Younis had committed the offences in his personal capacity and is no longer an appointed representative in Singapore, the prohibition orders were issued against him to safeguard the integrity of and trust in Singapore's financial sector," said MAS in a media release.
His convictions gave MAS "reason to believe that he will not perform financial advisory or capital markets services honestly", said the regulator.
Under the prohibition orders, which took effect from Wednesday, Younis is banned from providing any financial advisory services, taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm.
He is also banned from performing any regulated activity and from taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets services firm.
Source: CNA/dv(rw)
Continue reading...