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Ex-dealer who made $255k from illegally manipulating prices of SGX stocks gets 9 months’ jail

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It is the biggest reported case of stock market price spoofing detected in SGX.

On Oct 28 Oh Wee Hian was sentenced to nine months in jail in the biggest case of stock market price spoofing detected in SGX.

On Oct 28, Oh, a 46-year-old Singaporean, was sentenced by District Judge Christopher Goh Eng Chiang to nine months in jail in the biggest case of stock market price spoofing detected in SGX. Court papers described how Oh manipulated or spoofed the prices of shares in a series of methodical moves that he took just seconds to execute each time.

He would then switch to his IG Asia account and sell the CFD back to IG Asia at a higher price than what he bought just seconds earlier, pocketing the price difference as profit. Between August 2020 and January 2022, Oh withdrew $175,810 from his CFD trading account at IG Asia and transferred the money into his personal bank accounts at POSB and OCBC.

During sentencing, Deputy Public Prosecutor David Koh asked the State Courts to sentence Oh to between 11 and 14 months’ imprisonment.

 

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