Architect of market-rigging scheme that led to S$3 million in losses jailed

SINGAPORE: A man who orchestrated what prosecutors described as one of the most sophisticated securities-related cases of fraud Singapore had ever seen was sentenced to jail on Wednesday .

In 2014, Lin realised from observing trading patterns that Koyo shares were illiquid, as there was a lack of buyers or sellers interested in the shares. Lin carried out his scheme in three phases, first opening trading accounts under his name and his wife's name. Lau told her clients that she was considering leaving CIMB and joining other brokerages, convincing them to open or reactivate trading accounts with the other brokerages.

SGX stated in its announcement that a small group of individuals was responsible for 60 per cent of the trading volume of Koyo between October 2015 and January 2016, of which at least half of these trades were due to the group of individuals buying and selling among themselves.

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