Singapore’s MAS Slaps 12-Year Ban on Former Fund Manager
- The ban follows a court case which saw Lee fined and sentenced to prison.
The Monetary Authority of Singapore (MAS) has slapped a 12-year prohibition order against Mr. Lee Chang Yeh Bentley, a former fund manager, for misappropriating funds. This means that Lee will not be able to perform any regulated activity under the Securities and Futures Act (SFA) or provide any financial advisory service under the Financial Advisers Act (FAA) during this time.
The ban follows a 2017 court case which saw him sentenced to four years and nine months in prison. He was also fined S$50,000 ($36,600). This is because Lee worked at the United Overseas Bank (UOB) from August 2005 to January 2010. During his time working at the bank, he created a company to invest in shares and 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 on behalf of other investors. He did this without holding a Capital Markets Services licence.
Later, he left the firm to manage his own company full time. Between May 2009 and January 2013, Lee misappropriated around S$520,000 of Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term. These clients he had also served when he was with UOB. He then went on to become a representative of CIMB Bank Berhad in Singapore from September 2013 to mid-2014.
The ban from MAS seeks to deter similar misconduct
Commenting on the ban, Mr. Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “Finance professionals must conduct themselves honestly in the course of their work, since they are very often entrusted to handle customers’ monies and assets.
MAS will not hesitate to take firm action against those who fall short of the required standards of behaviour. The present case is egregious and a large sum was misappropriated. This warrants a prohibition order of considerable duration to protect consumers, deter similar misconduct and preserve the integrity of our markets.”
The Monetary Authority of Singapore (MAS) has slapped a 12-year prohibition order against Mr. Lee Chang Yeh Bentley, a former fund manager, for misappropriating funds. This means that Lee will not be able to perform any regulated activity under the Securities and Futures Act (SFA) or provide any financial advisory service under the Financial Advisers Act (FAA) during this time.
The ban follows a 2017 court case which saw him sentenced to four years and nine months in prison. He was also fined S$50,000 ($36,600). This is because Lee worked at the United Overseas Bank (UOB) from August 2005 to January 2010. During his time working at the bank, he created a company to invest in shares and 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 on behalf of other investors. He did this without holding a Capital Markets Services licence.
Later, he left the firm to manage his own company full time. Between May 2009 and January 2013, Lee misappropriated around S$520,000 of Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term. These clients he had also served when he was with UOB. He then went on to become a representative of CIMB Bank Berhad in Singapore from September 2013 to mid-2014.
The ban from MAS seeks to deter similar misconduct
Commenting on the ban, Mr. Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “Finance professionals must conduct themselves honestly in the course of their work, since they are very often entrusted to handle customers’ monies and assets.
MAS will not hesitate to take firm action against those who fall short of the required standards of behaviour. The present case is egregious and a large sum was misappropriated. This warrants a prohibition order of considerable duration to protect consumers, deter similar misconduct and preserve the integrity of our markets.”