—The masterminds of Singapore’s “most audacious” market manipulation scheme cheated Goldman Sachs International and Interactive Brokers LLC as part of a plan that resulted in the 2013 penny-stock crash, prosecutors said as a trial began against the two alleged perpetrators.
Among the charges are six each for deceiving Goldman and Interactive Brokers to extend margin financing and deliver payment of more than S$232 million for the purchase of securities, according to a statement from the prosecutors. Goldman Sachs International is a unit of Goldman Sachs Group Inc. Goh Hin Calm, who was Ipco interim CEO, was sentenced to 36 months imprisonment in a Singapore court Wednesday. Goh, who earlier pleaded guilty to two of six charges under the Securities and Futures Act, helped two others in perpetuating the scheme, prosecutors said last week.
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