Shim, Doo, and Tan could each be fined up to S$ 50, 000 ( US$ 37, 400 ) if found guilty of failing to implement a suitable risk management framework for the account.
If found guilty of aggravated conflicts of interest, they could even face fines of up to S$ 50, 000.
Those who provide misleading information during a financial consulting services face jail time for up to 12 weeks, a fine of up to S$ 50 000, or both.
Shim perhaps be imprisoned for up to two years and subject to a fine of up to S$ 2, 000 per charge if found guilty of forwarding letters between MAS and Envysion.
NICKEL INVESTMENT SCAM
Ng is the subject of a rumored billion-dollar metal purchase fraud case.
He was second accused of cheating and falsifying information in March 2021, and he is currently facing 106 counts full.
The 36-year-old is accused of cheating on Envysion and Shim of more than S$ 48 million between September 2020 and January 2021, one of his accusations.
He reportedly raised money from investors to buy metal as part of the scheme, promising varying returns even though the companies involved did not buy any.
The plan reportedly defrauded investors of about US$ 1.1 billion and has already sent other men to prison for their alleged attempts to extort Ng from Singapore.