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Woman convicted and fined $20,000 for carrying on fund management without licence

Felicia Tan
·1-min read

Lee Ying Hui was charged under section 82 of the Securities and Futures Act (SFA).

Lee Ying Hui has been convicted and fined $20,000 for carrying on her fund management business without a capital markets services licence.

Lee, who was charged under section 82 of the Securities and Futures Act (SFA), where no person shall carry on business in any regulated activity without a licence for that regulated activity, pleaded guilty on July 15.

According to the statement released by the Monetary Authority of Singapore (MAS), Lee had made arrangements with six investors to trade on their behalf in their personal trading accounts between December 2017 and June 2022. Lee had conducted trades in leveraged foreign exchange and futures contracts with a total investment amount of $127,500.

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Lee and the investors agreed to share the profits generated from the trades equally, with losses borne by the investors. By June 2020, Ms Lee had received a total of $29,755 profits from three investors, before incurring aggregate losses of about $77,800 in the six investors’ accounts.

“MAS takes a serious view of persons carrying on regulated activities without appropriate licences. To safeguard investors’ interests, MAS’ regulatory framework permits only competent and professional persons to provide financial services,” says Loo Siew Yee, assistant managing director (policy, payments and financial crime) at MAS.

“Members of the public are strongly advised not to deal with unregulated persons, and should check the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website before committing to financial transactions,” Loo adds.

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