A Singapore court sentenced a former fund manager at One Asia Investment Partners to a six-month jail term for acts that were likely to defraud investors.

Sun Weiyeh is the first to be convicted under the Securities and Futures Act for fraudulent or deceptive conduct related to over-the-counter bond trading, the Monetary Authority of Singapore said in a statement Tuesday.

Sun was charged in October 2020 for selling two OTC bonds at lower prices from a fund managed by One Asia Investment to another fund, in which he was the majority investor. He later sold the two bonds to the market at a profit, causing a US$342,500 loss to investors in the first fund, according to the monetary authority.

One Asia Investment had its license revoked in 2017 by the regulator after the fund management company was issued a winding-up order. Sun’s contact details weren’t publicly available.

  - Bloomberg