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Dealer’s rep rapped for violating Bursa Securities

Posted on: April 12, 2009


Bernama – Saturday, April 11

KUALA LUMPUR, April 10 (Bernama) — Bursa Malaysia Securities Bhd has reprimanded, posed a fine and suspended Low Siew Mui, a salaried dealerâ€TMs representative (SDR) of Alliance Investment Bank Bhd for violation of its rules.

Bursa Securities found that Low had, whilst being a SDR of Alliance Investment Bank-Kuantan Branch, acted in violation of Rules 401.1(2) & (3), 404.3(1)(a) & (c) and 1302.1(1)(g) of the Rules of Bursa Securities for engaging in manipulative trading activities in the shares of the Lii Hen Industries Bhd, Farlim Group (Malaysia) Bhd, Petaling Tin Bhd and Utusan Melayu (Malaysia) Bhd counters. In a statement here today, Bursa Securities said Low has been imposed a fine of RM20,000 and suspended for three months from trading on or through the stock market of Bursa Securities as a dealer’s representative.

Arising from the market surveillance and investigations conducted on the unusual price increases towards the end of the trading days for the period from Jan 2, 2008 to May 8, 2008 in regard to the shares of the four counters, it was noted that Low had executed numerous instances of ‘marking the closeâ€TM trades for the accounts (trading and margin) of a client by executing buy orders at prices higher than prevailing market price or last done price at or near the close of the market for the shares of the counters.

The continuous series of buy orders executed by Low at or near the close of the market and at prices higher than the market price had resulted in the said orders being the closing price on numerous occasions during the period at prices which were significantly higher than the market price. — BERNAMA

MAZ SD

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