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Stock trader rapped, fined RM500k for unlawful trading

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Stock trader rapped, fined RM500k for unlawful trading Empty Stock trader rapped, fined RM500k for unlawful trading

Post by Cals Fri 08 Aug 2014, 03:12

Stock trader rapped, fined RM500k for unlawful trading
Business & Markets 2014
Written by Charlotte Chong of theedgemalaysia.com   
Thursday, 07 August 2014 19:29

KUALA LUMPUR: Bursa Malaysia Securities has reprimanded, fined RM500,000 and ordered stock trader Melvin Yap Han Khoon to be struck off the register as a dealer’s representative for having engaged in manipulative dealing activities.

In a statement today, the local bourse said Yap was, at the time of the breach of conduct, a Commissioned Dealer’s Representative of OSK Investment Bank Bhd at its Seri Petaling branch.

It said the unlawful trading involved the counters of Bright Packaging Industry Bhd, Asia Media Group Bhd, and Cybertowers Bhd, but did not specify exactly when the offence occurred.

It added that Yap had previously been issued a letter setting out Bursa’s concern about his trading activities, but Yap’s “manipulative dealing activities in the three counters did not abate”.

“Yap’s blatant disregard of Bursa Securities’ trading concern on his dealing activities demonstrated his lack of professional integrity in the observance of fair dealing and orderliness of trading activities/market integrity,” it said.

Yap’s manipulations involved marking the close up and down, driving up the price, and rollover activities which created a false/misleading appearance of active trading in the market of the securities of the three counters.
Cals
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