Pair behind $8.75 billion scam handed massive jail sentence in Singapore's 'most serious case' of stock market manipulation

A Malaysian businessman convicted of masterminding a stock scam that wiped S$8 billion off Singapore's exchange has been sentenced to 36 years in jail by a court in the city-state.They set up dozens of trading accounts and borrowed large sums to manipulate stock pricesJohn Soh Chee Wen orchestrated the scheme, according to court documents, and his accomplice, his Singaporean girlfriend Quah Su-Ling, was also given a 20-year jail term following a four-year trial.

Both were convicted in May of using more than 180 trading accounts to inflate the share prices of three companies in what High Court judge Hoo Sheau Peng called a "scheme of substantial scale, complexity and sophistication". "Armed with a good understanding of the securities and financial markets, and tapping on their extensive connections and networks, they boldly exploited the system," she said during sentencing.Prosecutors called it the "most serious case" of stock market manipulation in Singapore, a global financial centre.

oh that's where 'SBF' FTX got its ideas from😂🤣😂

Australia must implement harsh punishment here too.

Lol

Unless it's a co-ed prison, he'll have to find a boyfriend now. 😊

Lol all that money is useless now

I bet he ain't laughing now.

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Fuente: FinancialReview - 🏆 2. / 90 Leer más »