“Noble has conducted several seminars, participated in investment exhibitions, created and disseminated marketing materials to potential investors and raised a total of S$15,355,000 from 145 members of the public,” MAS said.
“Investment or loan agreements that investors have entered into with Noble’s corporate clients have been ruled in state courts as debentures, a form of securities.”
Lenders were promised interest payments of 12% to 28% per year, according to police in June 2020.
Two SMEs subsequently defaulted on their loans, and more than 100 lenders suffered losses totaling approximately S$9.5 million.
Persons who trade in securities and capital market products “must take steps to ensure that they comply with licensing requirements under the Securities and Futures Act”, said Ms Loo Siew Yee, Director Deputy General (Policy, Payments and Financial Crime) at MAS.
“MAS’s licensing regime protects members of the public by admitting only fit and competent individuals, who must engage in regulated activities in accordance with business conduct and other requirements.
“MAS will take tough action against errant businesses and individuals who conduct regulated activities without a license.”