SINGAPORE: The Monetary Authority of Singapore has issued an eight-year prohibition order against a former managing director of a company who crowdfunded more than S$15 million without a licence for small- and medium-size enterprises .
Tan had consented to carrying on a business of dealing in securities without holding a capital markets services licence, MAS said on Monday . Lenders were promised interest payments of 12 per cent to 28 per cent per year, according to the police in June 2020.
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