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KUALA LUMPUR – Malaysian John Soh Chee Wen, the alleged mastermind behind the 2013 penny stock crash in neighbouring Singapore, has been handed a 36-year jail sentence, while girlfriend and alleged co-conspirator Quah Su-Ling was given 20 years in prison.
They were found guilty of 180 and 169 charges, respectively in May.
The penny stock saga, which involved 189 securities trading accounts held with 20 financial institutions and 60 individuals and companies, has been described as Singapore’s largest ever case of share manipulation – wiping out S$8 billion (RM26.3 billion, US$6 billion) in market value.
Both of them allegedly conspired to manipulate the shares of Blumont Group, Asiasons Capital and LionGold Corp – collectively known as BAL – withheld from a network of associates and brokers for over a year, between 2012 and 2013.
When BAL stocks crashed on October 4, 2013, some S$8 billion in market value was destroyed. – The Vibes, December 28, 2022
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