His conviction was a result of a joint investigation conducted by MAS and the Commercial Affairs Department of the Singapore Police Force, following a referral by the Singapore Exchange Securities Trading Limited to MAS, said the authority.
Wong pleaded guilty to seven counts of market manipulation and one count of using a another person's security account for his own trades. The remaining 11 charges were taken into consideration for sentencing.Wong was a director of WLA Regnum from 2007 to 2017. The company's business included advising corporate entities on initial public offerings on the mainboard or catalist board of the SGX-ST.
His trades caused Gaylin's share prices to close 6.5 per cent to 38.6 per cent higher than they would have done otherwise, said MAS.
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