Former HSBC senior dealer Ivan Chng and ex-Deutsche Bank trader Toh Hway Khuan pleaded guilty in separate hearings in Singapore’s High Court on Wednesday. The men both admitted to using their banks’ accounts in 2009 to get preferential rates on the dollar. The cases are unrelated and the men will be sentenced at a later date.
Chng, 48, was charged in 2015 with 149 counts of buying and selling about $800 million and unlawfully making about S$230,000 ($160,000). He pleaded guilty to 25 of the charges. Toh, 51, was also charged in 2015, with 39 counts of buying and selling more than $250 million and unlawfully making about S$140,000.
The duo’s trades were a deception and were to the detriment of the banks, prosecutors said in court. Prosecutors sought a three-month jail term for Toh and six months for Chng to deter those in the financial industry from making personal gains through deceitful means. Both men failed to disclose their beneficial ownership in the trades, and their offenses were difficult to detect, prosecutors said in court.
Link: Ex-Traders in Singapore Guilty of Cheating Deutsche Bank, HSBC
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