Ex-DBS Trader Gets Jail in Singapore's First Spoofing Case
- Tey had admitted to attempting to articifically move prices
- Prosecutors sought six months jail, defense asked for a fine
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A former trader at DBS Group Holdings Ltd.’s brokerage unit was sentenced to 16 weeks in jail after being convicted in Singapore’s first criminal spoofing case.
Dennis Tey Thean Yang, 33, was given the sentence on Wednesday. The former DBS Vickers Securities (Singapore) Pte broker had pleaded guilty to eight of 23 charges, including attempts to artificially move prices through fraudulent securities orders and misusing other people’s trading accounts without consent. He made a profit of S$30,239 ($21,572) from October 2012 to January 2013.