Remorseful banker admits to insider trading

Alan Tay Yeow Kee, a former CIMB Group Holdings Bhd. banker, admitted to insider trading on two stocks before the companies received takeover offers.

Bloomberg News reports that Tay, 41, pleaded guilty to trading on price-sensitive information in a Singapore State Court on Friday and was fined S$180,000 ($130,000).

He bought shares in Qualitas Medical Group Ltd. and welding products supplier Leeden Ltd. in 2011 before the information he had was publicly available. CIMB was the financial adviser in both deals, prosecutor Joel Chen said in court. The companies were delisted from Singapore’s stock exchange after being acquired.

Tay has had to “shoulder the weight” of the investigation, his lawyer Hamidul Haq said in court. He is remorseful and is unemployed, Haq said.

Hit the link below to access the complete Bloomberg News article:

Ex-CIMB Banker Admits Insider Trades in Singapore Takeovers

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