KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded and imposed a fine of RM30,000 on Long Jin Seng for engaging in manipulative dealing activities in the securities of eight counters.
The securities trading regulator said in a statement that Long was also suspended/restricted (as the case may be) for six months as/from being a registered person of Bursa Malaysia Securities.
Long, who was at the material time of the breach a commissioned dealer’s representative of Maybank Investment Bank Bhd at its Ipoh branch, was further required to undergo training on conduct or professionalism of dealer’s representatives/market offences.
The eight counters involved were Malaysian Resources Corp Bhd-CU, TA Enterprise Bhd-CW, Encorp Bhd
-WA, RHB Capital Bhd-CW, Selangor Properties Bhd-CW, Malton Bhd-Warrants 11/18, Alliance Financial Group Bhd-CW, and Guocoland (M) Bhd.
According to Bursa Securities, he had engaged in false market/manipulative activities in the counters through the execution of on-market cross trades in the accounts of two clients who are related to him (his son and his brother-in-law), on/by the settlement dates to facilitate the rollover of trades and prolong the holding period for the securities acquired/traded by them.
Among others, this created a false or misleading appearance as to the market for and/or price of the eight counters as these cross trades were not due to natural market forces of supply and demand, the regulator said.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
