KUALA LUMPUR: Bursa Malaysia Securities has publicly reprimanded and fined a remisier Teo Chee Cheong RM74,500 for manipulating the trading activities in the shares of eight companies.
The regulator said in a statement on Tuesday it had also suspended Teo 10 months.
“Teo had engaged in false market/manipulative trading activities involving order book manipulation (false market/ manipulative trading activities) in the securities of the relevant counters on numerous trading days that spanned over a period of about one year, ” it said.
Bursa Securities also said despite trading concerns raised by Bursa Securities and actions by TA (including instructions to cease his false market/ manipulative trading activities and a suspension imposed by TA, Teo continued engaging in the false market/manipulative trading activities in more counters.
“Teo only stopped the false market/ manipulative trading activities after a reminder was issued by Bursa Malaysia Securities and another suspension by TA.
“Teo’s recalcitrant conducts showed a reckless/lackadaisical attitude and a blatant disregard of the Rules of Bursa Malaysia Securities and the various trading concerns raised/actions by Bursa Malaysia Securities and TA, ” it said.
Bursa Securities said the sanctions were imposed on Teo having considered, amongst others:(a) the severity, extent and impact of the breach including Teo’s recalcitrant conducts; (b) the profits generated by Teo from the false market/ manipulative trading activities; and (c) Teo’s co-operation with Bursa Securities in the enforcement actions against him by admitting/not disputing the breach.
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