SINGAPORE: Over two-and-a-half years, a Grab driver made about S$365,000 in profit by illegally manipulating the market with multiple trading accounts under names including his retiree parents'.
Goh pleaded guilty on Friday to four charges under the Securities and Futures Act, with another four charges to be taken into consideration. Goh and Oon were highly active members in the Penny chat, with Goh being given the title of"Spotter" by the chat administrator as he was"good at spotting stocks" whose prices were likely to rise.
He would create a false impression that there was substantial demand from buyers in the particular security, inducing other market participants into buying the security and driving up its price. He would then sell his stake for a profit. He would target a security and purchase shares in the security at the prevailing best sell prices. Around the same time, he would place a sell order for the same number of shares at a few ticks higher than the price he bought them at.
On a few occasions, Goh roped in Oon to coordinate their false statements in the chat to induce others to buy shares.They called his conduct"a sustained campaign of market rigging across a wide range of securities across SGX".
CC Mysterybuzu WIG needs to be popularized overseas. You can manipulate The Warsaw Stock Exchange without penalties.
wah!! really talented grab driver 👌 how come he didn't push up grab's stock price? 😥
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