SINGAPORE: After the price of shares he had recommended to investors began falling, a company director began buying them under another person's account to manipulate the market over a year, in order to protect his reputation.
Around 2012, Wong's advisory firm was engaged by oil and gas contractor Gaylin Holdings to advise on the latter's intended IPO listing on SGX. He did so on 17 occasions to create a misleading appearance with regard to Gaylin shares, instructing his trading representative to carry it out. The small trades caused the share prices to close at 6.5 per cent to 38.6 per cent higher than what they would have been.
"The accused’s trades on the 17 occasions also had the effect of incurring disproportionate and uneconomical brokerage fees which ranged from 27.15 per cent to 70.53 per cent of the value of the trades," said Deputy Public Prosecutors Nicholas Khoo, Gerald Tan and Michelle Tay. Because of his uncooperative behaviour, extensive investigations had to be conducted to establish the scope of his market manipulation. Investigators interviewed multiple witnesses and retrieved trading records from SGX spanning three years of trading activity, on top of bank statements, trading statements and telephone records.
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