MAS imposes four industry bans after GTC-linked false trading

The Monetary Authority of Singapore issued prohibition orders on 29 October against four people linked to GTC Group’s market misconduct. They took effect immediately, following earlier criminal proceedings and a finding that the individuals are not fit and proper.[1]

The orders bar MAS-regulated or authorised business and financial-institution management, director, partner or manager roles. They also prohibit becoming a substantial shareholder of a corporate financial institution or increasing that interest.[1]

How the trading activity was manufactured

The police’s August 2025 account explains the mechanism behind the apparent liquidity. GTC was an SGX-registered commercial market maker. Huang enlisted Tay to buy securities from him on the market and sell them back at higher prices, generating volume and a profit for Tay. Tan later joined the arrangement.[2]

The police said the transactions made GTC’s performance appear stronger and could attract other traders, increasing its opportunities to sell accumulated positions. In Mencast Holdings, the scheme involved 489.5 million securities traded over 254 days, accounting for 85.2% of market volume over the same period. That fraction concerns the period identified in the case.[2]

MAS also identified unauthorised brokerage-account use: Tay used other people’s accounts without the brokerage’s authorisation, and Tan facilitated one such account.[1]

The criminal sentence preceded these orders

Huang was sentenced on 15 August 2025 to 15 months and 54 weeks in prison after pleading guilty to 24 false-trading counts; 88 similar charges were taken into consideration. The new development is the regulatory restriction on future industry participation, following the criminal case.[2]

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