SINGAPORE: A man implicated in a scheme that created the largest losses in any case of market manipulation in Singapore was sentenced to three years' jail on Wednesday for two charges of false trading and market rigging.
As early as 2008, he began opening multiple trading accounts at brokerages across Singapore in his name and his wife's name. He allowed Soh and Quah to use these accounts, effectively providing them the use of trading limits and credit to trade in shares of Blumont Group, Asiasons Capital Limited and LionGold Corp.
Including 10 accounts held in the names of Goh and his wife, Soh and Quah controlled a total of 189 trading accounts for trading and holding securities for the three firms. "The unpaid losses in just the accused’s and his wife’s trading accounts alone amount to S$1.5 million. The total unpaid losses in the 189 controlled accounts is more than S$350 million."
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »