KUALA LUMPUR (Aug 21): JF Apex Securities Bhd dealer Wong Wing Haur was slapped with a RM60,000 fine and suspended from Bursa Malaysia Securities for 10 months for manipulative trading activities on six counters on Bursa Malaysia.

The counters include Asdion Bhd, Ire-Tex Corp Bhd, MQ Technology Bhd, as well as Nexgram Holdings Bhd together with two counters for Nexgram’s warrant A and warrant C, said Bursa Malaysia in a statement today.

“Wong had contravened and/or triggered the provisions of Rules 3.14(d), (e) & (g) and 5.01(b) of the Rules of Bursa Malaysia Securities and paragraph 1.1(1)(h) of Directives No. 5-001 of the Participating Organisations’ Directives and Guidance (POs’ Directives),” said Bursa Malaysia.

On top of the public reprimand by Bursa Malaysia, Wong was also required to undergo training on conduct or professionalism of dealer’s representatives, it added.

Wong was found to have manipulated trading activities in these counters via the trading accounts of four of his clients, in order to drive up or maintain share price as well as to generate false trading volume.

Bursa Malaysia said that Wong had also failed to make a proper assessment — and continued to facilitate — the clients’ manipulative trading activities over a period of time, acting as a mere order taker “which was not an acceptable conduct of a responsible registered person”.

“These manipulative trading activities had given rise to the creation of a false or misleading appearance of active trading in respect of the market for the price of the securities of the relevant counters,” said Bursa Malaysia.

“Bursa Malaysia Securities places strong emphasis on the need to maintain a fair and orderly market and will not tolerate any acts or practices which could lead to false trading, manipulative activities or compromise the integrity of the market,” it added.