Soh was said to have conspired with his business partner and girlfriend Quah to artificially inflate the share prices of penny stocks Blumont Group, Asiasons Capital and LionGold Corp through a web of 189 trading accounts held with 20 financial institutions and 60 individuals and companies.The Straits Times takes a look at the key points of this saga.
In the aftermath, regulators moved to tighten trading rules and add circuit breakers, among other things, to protect investors from excessive price swings and speculation. One investor told ST that he had forked out $120,000 of his retirement savings on 50,000 shares in mining firm Blumont when they were at $2.40 a piece just days before the stock crashed.
Former Ipco International chief executive Quah was among several parties sued over $79 million in losses sustained by US stock trading firm Interactive Brokers in the wake of the penny stock crash.
Soh Chee Wen has an amazing history of stock manipulation in Malaysia too, back in the 1990s, his name was linked to so many stocks including Uniphoenix, Kuantan Flour Mills, Promet, Kelanamas, Autoways...to name a few
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In Malaysia they only COMPOUND you for cooking the books ... and you wont be charged ! Correct ? SecComMY AGCPutrajaya BursaMalaysia
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