KUALA LUMPUR – Bursa Malaysia Securities Bhd has publicly reprimanded one Tye Lim Huat for prohibited or unlawful trading activities and other misconduct.
The stock exchange regulator said it also imposed a fine of RM667,500 on Tye and ordered the dealer’s representative to be struck off the Bursa Malaysia Securities register.
“Bursa Malaysia Securities views misconducts that compromise the integrity of the market and client’s protection and impinge on the integrity and professional conduct or etiquette of registered persons, including dealer’s representatives, seriously and will not tolerate any unlawful trading practices,” it said in a statement.
It said Tye, at the material time of the breaches, was a commissioned dealer’s representative of Malacca Securities Sdn Bhd at its principal office.
Bursa said Tye had executed prohibited short-selling trades on several days in Client A’s account in five counters, namely, Comfort Gloves Bhd, Anzo Holdings Bhd, Notion VTec Bhd, SMTrack Bhd, and Careplus Group Bhd, as well as intra-day short-selling trades in Supermax Corporation Bhd and Duopharma Biotech Bhd on several days in Client A’s collateral account.
“As an experienced registered person, Tye knew or ought to know that he should not use any client’s account for his personal trades, co-mingle his monies with client’s monies, and use or have access to a client’s confidential information such as user ID, password, and trading pin for online trading facility regardless of his close relationship with Client A.
“Hence, even if Client A had allowed Tye to use or manage or operate his accounts, had knowledge or condoned Tye’s misconducts or did not dispute the trades, it did not absolve or mitigate Tye’s liability or culpability for the breaches for he had blatantly and knowingly acted in breach of the rules and securities laws,” Bursa said. – Bernama, December 7, 2022
