Singapore Convicts Front-Runners for Insider Trading in First Case
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Singapore’s main financial regulator said it’s just seen the first-ever convictions for front-running prosecuted as an insider-trading offense in the city-state, one the the world’s most sophisticated financial hubs.
Leong Chee Wai, E. Seck Peng Simon and Toh Chew Leong, who were charged with a total of 333 counts of insider trading offenses, were convicted and sentenced to 36 months, 30 months and 20 months imprisonment respectively, the Monetary Authority of Singapore said in a statement. Their front-running arrangement had yielded profits of S$8.1 million ($5.9 million) over seven years, it said in a statement Wednesday.