Mr Sun Weiyeh, a former fund manager, was charged yesterday with offences against the Securities and Futures Act, having taken steps that the regulator believes were likely to defraud investors.
Sun was a director of One Asia Investment Partners between October 2014 and January 2017. OAIP was a fund management company licensed by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act. The MAS revoked OAIP’s licence in April 2017 after the High Court of Singapore issued it with a winding-up order.
Sun faces two charges under section 201(b) SFA for allegedly selling two bonds at lower than market prices when he knew that there were offers for them at higher prices. If convicted, for each charge of section 201(b) he faces a fine of S$250,000 or 7 years' imprisonment, or both.