Between July 2023 and December 2024, MAS recorded 33 criminal convictions, S$7.16 million in civil penalties and S$4.4 million in penalties for anti-money laundering breaches. False trading – which involves creating an artificial price or the appearance of trading volume – was associated with many of the individuals convicted or fined.
Among other activities detected were spoofing (rapid order placement and cancellation), unusual and suspicious volume bursts in thinly‐traded counters, and front running and promotions in chat groups or online forums suggesting “buy now” without clear disclosure.
Strengthening the recourse to action will help retail investors who for so long have kept silent when wronged.
