MAS issues five-year prohibition against former Nech Capital fund trader

Pan was convicted on April 25, 2023, and sentenced to five weeks’ imprisonment with a fine of $120,000.

The Monetary Authority of Singapore (MAS) has issued a five-year prohibition order (PO) against Pan Qi, a former representative of Nech Capital (NCPL)

The PO was issued following Pan’s conviction for engaging in a course of business that operated as fraud under the Securities and Futures Act (SFA).

Between Jan 4, 2019 and July 24, 2020, Pan worked as a trader at NCPL where his role was to trade using NCPL trading accounts to make a profit for a fund managed by his firm.

Pan executed trades in several securities counters between NCPL trading accounts and accounts belonging to his relatives. The trades were conducted in a manner that profited him at the expense of NCPL.

For his actions, Pan was convicted on April 25, 2023, of one count of 201(b) of the SFA, with two other counts of section 201(b) of the SFA taken into consideration for the purpose of the sentencing. He was sentenced to five weeks’ imprisonment and a fine of $120,000.

According to the MAS, while Pan no longer works in the industry, the PO was issued to safeguard the integrity of and trust in Singapore’s financial sector.

Specifically, under the PO, which takes effect from Sept 24, Pan is prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the SFA.