Compliance & Regulation

Singapore bans ex-OCBC trader

The Monetary Authority of Singapore (MAS) has issued two orders against Prem Hirubalan, a representative of OCBC Securities Private Limited (OSPL) from May 2010 to May 2011.

This prohibits him for a period of seven years from: (i) performing any regulated activity, and taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act (SFA); and (ii) providing any financial advisory services, and taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA).

During his time at OCBC, the regulator said he conducted unauthorised share trades in the trading accounts of three customers and misappropriated a sum of around SGD81,000 from one of these customers. 

He has already spent 10 months in prison.

“MAS expects all finance professionals to act honestly and with integrity,” said Lee Boon Ngiap, assistant managing director (capital markets), MAS. “To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry.