KUALA LUMPUR: Bursa Malaysia Securities Bhd has struck off Yap Boh Hian from the Register as a Dealer's Representative for his involved in unlawful/unethical trading activities/practices.
The stock exchange said on Thursday, July 7 that it had also publicly reprimanded and imposed a fine of RM50,000 on Yap.
It said he had engaged in the activities through non-permissible contract amendments.
'In this regard, Yap had transferred numerous profitable trades from his other clients' accounts to his wife's accounts through non-permissible contract amendments carried out by him,' it said.
Bursa Securities said the finding of the breach and the imposition of the aforementioned sanctions were made under Rule 1301.2 of the Rules of Bursa Securities.
It said Yap had carried out amendments to numerous purchase and sale contracts in his clients' accounts (first named clients) which had day trade gains so that these gains were thereafter transferred to his wife's account.
It added that through the process of abusing the contract amendment facility in the trading system, Yap had unlawfully transferred/amended profitable trades in the first named clients' accounts to his wife's account resulting in illegal/unlawful gains in his wife's account to the disadvantage of the first named clients.
'Yap had carried out frequent and numerous contract amendments which resulted in a change of the original party to the contract, most of which involved the same clients/common clients thus indicating that the contract amendments carried out were not due to execution error,' it said.
The stock exchange said on Thursday, July 7 that it had also publicly reprimanded and imposed a fine of RM50,000 on Yap.
It said he had engaged in the activities through non-permissible contract amendments.
'In this regard, Yap had transferred numerous profitable trades from his other clients' accounts to his wife's accounts through non-permissible contract amendments carried out by him,' it said.
Bursa Securities said the finding of the breach and the imposition of the aforementioned sanctions were made under Rule 1301.2 of the Rules of Bursa Securities.
It said Yap had carried out amendments to numerous purchase and sale contracts in his clients' accounts (first named clients) which had day trade gains so that these gains were thereafter transferred to his wife's account.
It added that through the process of abusing the contract amendment facility in the trading system, Yap had unlawfully transferred/amended profitable trades in the first named clients' accounts to his wife's account resulting in illegal/unlawful gains in his wife's account to the disadvantage of the first named clients.
'Yap had carried out frequent and numerous contract amendments which resulted in a change of the original party to the contract, most of which involved the same clients/common clients thus indicating that the contract amendments carried out were not due to execution error,' it said.
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