THE Monetary Authority of Singapore has slapped prohibition orders on three individuals, who worked separately for Jefferies Singapore and Legacy, for dishonest conduct.
Mr Lee had traded in bonds using his private banking account which was not disclosed to Jefferies Singapore, MAS said. MAS said that Jefferies Singapore would not have entered these trades if it was aware of Mr Lee being the counterparty, due to possible conflict of interests between Mr Lee, Mr Ong, the firm and its clients.
According to MAS, Mr Yap also provided false information about one of the individual's health and employment status in one of the said applications. The individuals impacted did not suffer any losses as the applications were either withdrawn by them or cancelled by Legacy after the misconduct was discovered.
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