A court in Singapore has convicted Ms Lee Ying Hui of carrying out fund management business without a capital markets services licence, and fined her SGD20,000.
Lee pleaded guilty to the charge under section 82 of the Securities and Futures Act (SFA), notes the Monetary Authority of Singapore (MAS).
"Between December 2017 and June 2022, Ms Lee made arrangements with six investors to trade on their behalf in their personal trading accounts. The trades conducted by Ms Lee were in leveraged foreign exchange and futures contracts. The total investment amount was $127,500," the regulator noted.
"Ms Lee and the investors agreed to share the profits generated from the trades equally, with losses borne by the investors. By June 2020, Ms Lee had received a total of $29,755 profits from three investors, before incurring aggregate losses of about $77,800 in the six investors' accounts."
Ms Loo Siew Yee, assistant managing director (Policy, Payments and Financial Crime), MAS, said: "MAS takes a serious view of persons carrying on regulated activities without appropriate licences. To safeguard investors' interests, MAS' regulatory framework permits only competent and professional persons to provide financial services. Members of the public are strongly advised not to deal with unregulated persons, and should check the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS' website before committing to financial transactions."
