Ex-DBS Trader Convicted in Singapore's First Spoofing Case
- Tey admitted to deleting fraudulent orders after trades
- Case is first joint effort by financial regulator and police
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A former trader at DBS Group Holdings Ltd’s brokerage unit on Friday was convicted by a Singapore court for spoofing the securities market in the city’s first such criminal case.
Dennis Tey Thean Yang, 33, pleaded guilty to eight of the 23 charges he faced including his attempts to artificially move prices through fraudulent securities orders and misusing other people’s trading accounts without consent. Tey was a broker at DBS Vickers Securities (Singapore) Pte when he committed the offenses over four months in late 2012 and early 2013. He made a profit of S$30,239 ($21,310).