Former DBS Vickers remisier jailed 16 weeks for market spoofing

A former DBS Vickers remisier was on Wednesday (Mar 22) sentenced to 16 weeks' jail after being convicted of offences involving using a device or scheme to spoof the local securities market to make a profit of about S$30,000.
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Tey Thean Yang Dennis was a remisier with DBS Vickers Securities between Oct 24, 2012 and Jan 8, 2013. During then, he transacted in Contracts for Differences (CFDs) where the underlying securities were listed on the Singapore Exchange Securities Trading, and these were offered by IG Asia and CMC Markets, the Monetary Authority of Singapore (MAS) said in its press release.
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Knowing that the CFDs were generally priced on a real-time basis to the live prices of the underlying securities, Tey spoofed the market by entering false orders in the underlying securities to temporarily change their prices and that of the corresponding CFDs.

He then executed the CFD trades at prices beneficial to him but detrimental to the two CFD providers, after which he removed the false orders. The former trader used different accounts to enter the false orders in the underlying securities and to execute the CFD trades, thereby making a total profit of S$30,239, MAS said. 

He was subsequently charged with 23 counts under the Securities and Futures Act on Jul 22 last year, after a joint investigation conducted by the MAS and the Commercial Affairs Department (CAD), and pleaded guilty to eight of these charges on Mar 10 this year.