Former trading representative of OCBC Securities, Prem Hirubalan, has been banned by the Monetary Authority of Singapore (MAS) for unauthorised share trading and misappropriation of customers’ monies.
There were two prohibition orders issued, and they took effect yesterday. Indian origin Hirubalan is banned for a period of seven years from:
(i) Performing any regulated activity, and taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act (SFA); and
(ii) Providing any financial advisory services, and taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (FAA).
Hirubalan was a representative of OCBC Securities from May 2010 to May 2011. During this period of time, he conducted unauthorised share trades in the trading accounts of three customers. He was also guilty of misappropriating about S$81,000 from one of these customers, according to a report by Todayonline.
Court documents noted that he was exposed after one of the customers filed a report. He was then sentenced to 10 months’ in jail in August last year.
“MAS expects all finance professionals to act honestly and with integrity,” said Lee Boon Ngiap, assistant managing director (Capital Markets), MAS. “To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry.”
