MAS Bans Former Financial Representative for Defrauding OANDA

Singapore's MAS has banned Younis Adnan Mohammed, a former financial representative for defrauding the online trading platform OANDA.

June 03, 2021 | AtoZ MarketsThe Monetary Authority of Singapore (MAS) has announced on Thursday that it has handed the former representative of investment firm Wellington Management a five-year restraining orders after being jailed on charges of fraud and dishonesty.

Younis Adnan Mohammed was a financial representative of the investment management company when “in a personal capacity” he tricked the online trading platform OANDA Asia Pacific into crediting S $50,000 to his personal trading account, MAS said.

Younis held an online trading account with OANDA and had a pre-finance agreement with the company, the regulator said.

In March 2019, in order to respond to a margin call on his trading account, Younis falsified screenshots of a wire transfer and his bank details to show that S $50,000 had been transferred to OANDA.

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No such transfer has been made, MAS said.

After OANDA filed a police report, Younis lied to the investigator that another person impersonated him to open the trading account with the company, the regulator said.

Younis pleaded guilty in May last year and was convicted on one count of forgery and one count of providing false information to an official. He was sentenced to 16 weeks in prison.

While Mr. Younis has committed the offenses in his personal capacity and is no longer a designated representative in Singapore, the restraining orders have been issued against him to preserve integrity and confidence in Singapore’s financial sector,” MAS said in a press release.

His beliefs have given MAS “reason to believe that it will not honestly provide financial advisory or capital market services,” the regulator said.

Under the prohibition orders, which went into effect Wednesday, Younis is prohibited from providing financial advisory services, participating in management, acting as a director, or becoming a significant shareholder of any corporation. financial advice.

He is also prohibited from exercising any regulated activity and from participating in management, acting as a director or becoming a reference shareholder of any capital market services company.

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