(July 11): Singapore’s main financial regulator said it’s just seen the first-ever convictions for front-running prosecuted as an insider-trading offense in the city-state, one the world’s most sophisticated financial hubs.

Leong Chee Wai, E Seck Peng Simon and Toh Chew Leong, who were charged  with a total of 333 counts of insider trading offenses, were convicted and sentenced to 36 months, 30 months and 20 months imprisonment respectively, the Monetary Authority of Singapore said in a statement. Their front-running arrangement had yielded profits of $8.1 million over seven years, it said in a statement Wednesday.

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