3AC Founders Hit With Whopping 9 Year Ban In Singapore
The founders of Three Arrows Capital (3AC) have been handed a 9 year trading ban by the Monetary Authority of Singapore (MAS). According to the MAS, this order restricts the founders from engaging in the management, direction, or ownership of any registered capital markets services firm within the country.
Tthe MAS had rebuked 3AC in June 2022 for providing false information to the regulator. Now however, the MAS revealed that it had conducted further investigations into the company and its founders, revealing additional violations of its regulations spanning from August 2020 to January 2022.
These infractions pertain to the delayed notification to the MAS regarding the appointment of Mr. Cheong Jun Yoong Arthur as a portfolio manager and the failure to establish an adequate risk management framework for identifying, monitoring, and addressing risks related to crypto and digital asset investments under their management.
Ms. Loo Siew Yee, an assistant managing director at the MAS, emphasized that robust risk management measures must be implemented to safeguard investors and their interests. The MAS will also take measures to remove senior managers who engage in any kind of misconduct, she added.
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