The individuals had carried out a front-running arrangement over a period of 7 years resulting in profits of USD8.5 million. This is the first case of front-running prosecuted as an insider trading offence in Singapore, which carries a more severe penalty.
A total fine of just under USD 1,800,000 was also issued. These funds, suspected to be criminal proceeds, were seized from the individuals in the course of investigations conducted by the Monetary Authority of Singapore (MAS).
The offences began in March 2007, as Mr Leong and Mr E colluded to profit from the price sensitive, confidential information that Mr Leong received on intended orders by FSIS. Mr Toh joined in August 2008.
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