He has paid MAS a civil penalty of S$157,000, without court action, rendering full cooperation with MAS during the investigation. This matter was referred to MAS by Singapore Exchange. MAS has also issued a prohibition order to Mr Tan under section 101A(2)(a) of the SFA, prohibiting him from (i) conducting business in any regulated activity under the SFA or acting as a representative in respect of any regulated activity under the SFA; and (ii) taking part in the management of any holder of a capital market services licence or any person exempt from holding a capital market services licence under section 99(1) of the SFA in Singapore, for a period of two years. "MAS will take firm action against any form of false trading or manipulation as such actions affect investors' confidence in the market," said Lee Boon Ngiap, assistant managing director (capital markets) at MAS, in a statement.