Singapore Charges Ex-Forex Traders for Unlawful Gains
- In unrelated cases, charges have been filed against Ivan Chng and Toh Hway Khuan, two ex-foreign exchange traders for alleged unlawful gains. The traders allegedly transacted around $1.1 billion US dollars in false trades using preferential rates.
In unrelated cases, charges were filed last Thursday against two ex-foreign exchange traders for alleged unlawful gains. The traders transacted around $1.1 billion US dollars in false trades in November 2009, using their banks' accounts to get preferential rates.
Former HSBC senior dealer Ivan Chng faces 149 charges of facilitating transactions in his wife's accounts. He allegedly made roughly S$230,000 in unlawful gains off the back of $870 million in trades.
Toh Hway Khuan, former Deutsche Bank spot trader, stands accused of netting around S$140,000 in 39 counts of false trades totalling almost $300 million US dollars.
In a tu quoque irony, bothbanks recently settled with the US Securities and Exchange Commission for their roles in the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term rate-fixing scandal (among other transgressions).
Chng and Toh have since both been let go from their positions, and Deutsche Bank has confirmed that it has been assisting the Commercial Affairs Department in its investigation. The two are currently out on bail with the next hearing scheduled for February 13.
Singapore is considered to be a regional retail Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term hub, with over 18,000 individual clients and 24 regulated brokers, most notably branches of Western players such as OANDA, CMC Markets and City Index.
In a country surely stuffed with chewing-gum legal proceedings, it is probably jaw-dropping that it only took five years for the two to be charged.
Cases: Public Prosecutor v Ivan Chng Kian Wee, DAC903481/2015. Public Prosecutor v Toh Hway Khuan, DAC903647/2015. Singapore State Courts.
In unrelated cases, charges were filed last Thursday against two ex-foreign exchange traders for alleged unlawful gains. The traders transacted around $1.1 billion US dollars in false trades in November 2009, using their banks' accounts to get preferential rates.
Former HSBC senior dealer Ivan Chng faces 149 charges of facilitating transactions in his wife's accounts. He allegedly made roughly S$230,000 in unlawful gains off the back of $870 million in trades.
Toh Hway Khuan, former Deutsche Bank spot trader, stands accused of netting around S$140,000 in 39 counts of false trades totalling almost $300 million US dollars.
In a tu quoque irony, bothbanks recently settled with the US Securities and Exchange Commission for their roles in the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term rate-fixing scandal (among other transgressions).
Chng and Toh have since both been let go from their positions, and Deutsche Bank has confirmed that it has been assisting the Commercial Affairs Department in its investigation. The two are currently out on bail with the next hearing scheduled for February 13.
Singapore is considered to be a regional retail Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term hub, with over 18,000 individual clients and 24 regulated brokers, most notably branches of Western players such as OANDA, CMC Markets and City Index.
In a country surely stuffed with chewing-gum legal proceedings, it is probably jaw-dropping that it only took five years for the two to be charged.
Cases: Public Prosecutor v Ivan Chng Kian Wee, DAC903481/2015. Public Prosecutor v Toh Hway Khuan, DAC903647/2015. Singapore State Courts.