Unlicensed fund manager accused of handling client portfolios and foreign exchange contracts
SINGAPORE – A woman has been charged with conducting a fund management business without the necessary capital market services (CMS) licence, as required by the Monetary Authority of Singapore (MAS). Lee Ying Hui was accused of managing client portfolios in capital markets products and engaging in spot foreign exchange contracts between Dec 14, 2017, and Jun 30, 2020.
She has been charged under Section 82(1) of the Securities and Futures Act. If found guilty, Lee faces a potential fine of up to S$150,000, a prison sentence of up to three years, or both.
