Bursa Malaysia reprimands, fines Melvin Yap

PETALING JAYA: Bursa Malaysia Securities has publicly reprimanded and imposed a fine of RM500,000 on Melvin Yap Han Khoon for engaging in manipulative dealing activities in three stocks, namely Bright Packaging Industry Bhd, Asia Media Group Bhd and Cybertowers Bhd.
In a statement released yesterday, the regulator has also ordered to strike off Yap if he was still a registered person of the stock exchange.
Yap had engaged in numerous manipulative and false dealing activities over a period of time in several clients' accounts.
"Yap's manipulative dealing activities in the three counters were not abated and he continued with his manipulative trading and dealing activities despite Bursa Securities issuing him a letter setting out Bursa's concern on his trading activities," the regulator added.
Bursa Malaysia Securities said it will not hesitate to take appropriate actions against anyone who engages in such misconduct which commensurate with the severity of the breach, including striking off a registered person from the register and imposition of fines.