Answer · confidence: partial
Which non-US regulators punished fake-trading helpers, and were their punishments harsher than the SEC's?
Research question: Which non-U.S. regulators (for example the UK FCA, Singapore MAS, or Hong Kong SFC) have taken action against wash-trading service providers or their clients, and how do their remedies compare with the SEC's remedies in the 2024 case?
The UK FCA fined trader Adrian Geoffrey Horn £52,500 and prohibited him from regulated activity functions for wash trading 1, after he executed 129 wash trades in McKay Securities shares 2. Horn received a 25% penalty reduction and a further 30% settlement discount for admissions and cooperation 4. The FCA also had TP ICAP pay £15 million to settle charges over wash trades 6, and Singapore's MAS fined trader Gui Boon Sui $350,000 for market manipulation and imposed a two-year director ban 911. The material contains no SEC remedies from the 2024 case, so the comparison is incomplete, though the FCA said its penalties were meant to deter other market participants 5. The newest dated fact covers MAS penalty types through 30 June 2026 16, roughly three months before today's October 2026 date.
Checked 2026-10-22. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] documented
The FCA fined trader Adrian Geoffrey Horn £52,500 and prohibited him from performing regulated activity functions for engaging in wash trading.
"The FCA has fined Mr Adrian Geoffrey Horn, formerly a market making trader at Stifel Nicolaus Europe Limited (‘Stifel’), £52,500 for market abuse and prohibited him from performing any functions in relation to regulated activity."FCA fines and prohibits trader for market abuse | FCA
[2] documented
Horn executed 129 wash trades in McKay Securities Plc shares between July 18, 2018, and May 22, 2019, to artificially inflate trading volumes.
"In total, Mr Horn executed 129 wash trades during the period 18 July 2018 to 22 May 2019. ... In addition, the wash trades artificially inflated end of day trading volumes reported to the market."FCA fines and prohibits trader for market abuse | FCA
[3] supported
Horn's motive for wash trading was to ensure McKay Securities remained in the FTSE All Share Index, which he believed was a requirement for the company's index inclusion.
"Mr Horn’s motive for executing the wash trades was to ensure that a minimum number of shares were traded in McKay each day, which he believed was a requirement to ensure that McKay remained in the FTSE All Share Index."FCA fines and prohibits trader for market abuse | FCA
[4] supported
Horn received a 25% reduction in his financial penalty and a further 30% settlement discount due to significant admissions and cooperation during the investigation.
"As a result, Mr Horn’s financial penalty was reduced by 25%. In addition, Mr Horn received a further 30% settlement discount."FCA fines and prohibits trader for market abuse | FCA
[5] documented
The FCA stated that the fine and prohibition were intended to act as a deterrent to other market participants.
"The FCA considers that the fine and the prohibition imposed reflect the serious nature of the breach set out in the Final Notice and should act as a deterrent to other market participants."FCA fines and prohibits trader for market abuse | FCA
[6] supported
TP ICAP paid £15 million to settle charges brought by the UK Financial Conduct Authority (FCA) regarding wash trades.
"TP ICAP pays £15m to settle FCA charges over 'wash trades'"TP ICAP pays £15m to settle FCA charges over 'wash trades'
[7] supported
The FCA alleged that certain former managers of TP ICAP failed to act with due skill, care, and diligence concerning wash trades.
"The Financial Conduct Authority said certain former managers had failed to act with due skill, care and diligence over " wash trades" conducted by the broker between 2008 and 2011"TP ICAP pays £15m to settle FCA charges over 'wash trades'
[8] supported
The FCA announced a fine and ban for a market making trader who carried out wash trades on March 3.
"On 3 March, the FCA announced a fine and ban for a market making trader who carried out " wash trades"."What does the recent FCA enforcement decision on wash trades ... - Lexology
[9] supported
The Monetary Authority of Singapore (MAS) levied a $350,000 civil penalty on trader Gui Boon Sui for market manipulation.
"The Monetary Authority of Singapore (MAS) has levied a civil penalty of $350,000 on trader Gui Boon Sui for engaging in false and unauthorised trading activities."MAS slaps trader with $350K fine for market manipulation
[10] supported
Gui Boon Sui artificially inflated the closing prices of shares in Hiap Hoe Limited and Hotel Grand Central Limited on 610 occasions between December 2018 and August 2022.
"Gui was found to have artificially inflated the closing prices of shares in two listed companies, Hiap Hoe Limited (HHL) and Hotel Grand Central Limited (HGC). Between December 2018 and August 2022, the authorities revealed that he manipulated the prices of HHL shares on 554 occasions and HGC shares on 56 occasions."MAS slaps trader with $350K fine for market manipulation
[11] supported
As part of the settlement, Gui Boon Sui agreed to a two-year ban from serving as a company director or participating in business management.
"As part of the settlement, he also undertook not to serve as a company director or participate in the management of any business for the next two years."MAS slaps trader with $350K fine for market manipulation
[12] supported
Under the Securities and Futures Act, penalties for market manipulation can reach up to three times the profits gained, with minimum fines of $50,000 for individuals.
"Under the SFA, penalties for such contraventions can reach up to three times the profits gained or losses avoided, with minimum fines set at $50,000 for individuals and $100,000 for corporations."MAS slaps trader with $350K fine for market manipulation
[13] documented
The Monetary Authority of Singapore (MAS) has taken enforcement actions against financial institutions and individuals for market abuse, including specific actions against Goldman Sachs Singapore Pte for its involvement in the 1MDB bond offerings.
"AGC, CAD and MAS take actions against Goldman Sachs Singapore Pte (GSSP) for its involvement in the 1MDB bond offerings."Enforcement - Monetary Authority of Singapore
[14] documented
MAS issued its 4th Enforcement Report on 19 September 2023, which updates on enforcement matters and outlines priorities, though the specific details of wash-trading cases are not detailed in this summary text.
"MAS issued its 4th Enforcement Report on 19 September 2023. Published every 18 months, the report updates on enforcement matters in the financial markets, highlights key outcomes and outlines MAS' enforcement priorities."Enforcement - Monetary Authority of Singapore
[15] documented
MAS's enforcement approach aims for early detection of misconduct, effective deterrence, and shaping business and market conduct to maintain confidence in Singapore's financial industry.
"MAS’ enforcement approach has three aims: Early detection of misconduct and breaches of laws. Effective deterrence. Shaping business and market conduct."Enforcement - Monetary Authority of Singapore
[16] documented
MAS has issued various types of penalties including criminal convictions, financial penalties, prohibition orders, licence revocations, reprimands, warnings, and supervisory reminders for breaches of laws and regulations.
"Criminal Convictions S$29M Financial Penalties and Compositions S$307,000 Civil Penalties 23 Prohibition Orders 3 Licence Revocations 43 Reprimands 150 # Warnings 38 # Letters of Advice 352 Supervisory Reminders"Enforcement - Monetary Authority of Singapore
[17] supported
MAS is reviewing findings from investigations into Samtrade FX in collaboration with the Attorney-General’s Chambers.
"Samtrade FX : MAS and the Attorney-General’s Chambers are reviewing findings from investigations."MAS Enforcement Report 2025: S$11.56 Million in Penalties, 33 ...