Between Jan 4, 2019 and July 24, 2020, Pan worked as a trader at NCPL where his role was to trade using NCPL trading accounts to make a profit for a fund managed by his firm.
Pan executed trades in several securities counters between NCPL trading accounts and accounts belonging to his relatives. The trades were conducted in a manner that profited him at the expense of NCPL.
For his actions, Pan was convicted on April 25, 2023, of one count of 201(b) of the SFA, with two other counts of section 201(b) of the SFA taken into consideration for the purpose of the sentencing. He was sentenced to five weeks’ imprisonment and a fine of $120,000.
According to the MAS, while Pan no longer works in the industry, the PO was issued to safeguard the integrity of and trust in Singapore’s financial sector.
Specifically, under the PO, which takes effect from Sept 24, Pan is prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the SFA.
