Singapore sanctioned a former OCBC trader for rogue trading and misappropriating client funds.
The Monetary Authority of Singapore said on Thursday it is banning Prem Hirubalan for seven years for unauthorized trading and misappropriating client money.
Hirubalan was with OCBC for just one year until May of 2011, but during that time he lifted roughly $81,000 from a client account and rogue-traded on three others.
Zero Tolerance
The MAS, which issued a slew of banker bans including two lifetime ones over 1MDB wrong-doing earlier this year, made clear its zero-tolerance policy.
«MAS expects all finance professionals to act honestly and with integrity. To protect consumers from fraudulent and dishonest behaviour by representatives, MAS will not hesitate to bar any individuals who do not meet fit and proper criteria from the financial industry,» the regulator's assistant managing director of capital markets, Lee Boon Ngiap, said.
Hirubalan was sentenced to 10 months prison last year, after being convicted for the crimes.
