DBS eliminates a dozen jobs at brokerage as trading slumps

DBS Group Holdings Ltd cut at least 12 roles across Asia at its brokerage unit, the latest bank to shrink its trading desk as volumes slump.

DBS Vickers Securities is rationalising its institutional business unit as it seeks to be "more competitive and responsive to market changes," the brokerage arm of South-east Asia's largest lender said in an e-mailed response to questions.

Alphadyne said to spin off S$2.85b Singapore hedge fund unit

Alphadyne Asset Management LLC, a New York-based hedge-fund manager overseeing US$4.8 billion in assets, will separate its Asia team into a new firm, said a person with knowledge of the matter.

Bart Broadman, a co-founder of Alphadyne and chief investment officer of its Asia strategy, will be CIO of the new Singapore-based firm, said the person, who asked not to be identified as the information hasn't been publicly disclosed.

Updated Prop Trading and Screeners

Added AlphaGrep and a new section for Hong Kong prop firms. Updated Screeners to add Eqsift.

Couple charged in Singapore exchange ‘penny stock crash’ case

Some new developments on on the penny stock crash that wiped out S$8b in value in 2012/2013. Extracts from Financial Times:

"A Malaysian businessman and his partner have been charged with orchestrating the single biggest fraud in the history of Singapore’s stock exchange, which wiped out S$8bn in value and triggered a lasting loss of investor confidence.

Soh Chee Wen, also known as John Soh, faced charges in a Singapore court on Friday in relation to an alleged fraud in which three publicly listed stocks soared in valuation by up to 800 per cent over nine months before plunging in value in two days of frenzied trading in October 2013."

Hong Kong-Shenzhen Stock-Trading Link to Start on December 5

China will start its second stock-trading link with Hong Kong on Dec. 5, another step in the country’s efforts to open up the mainland market.

The Shenzhen-Hong Kong connect will give investors in the city access to stocks on the Shenzhen Stock Exchange, where many Chinese technology companies are listed. The program has been awaited for more than two years following the launch of the Shanghai-Hong Kong connect in November 2014

Inside a Moneymaking Machine Like No Other

Sixty miles east of Wall Street, a spit of land shaped like a whale’s tail separates Long Island Sound and Conscience Bay. The mansions here, with their long, gated driveways and million-dollar views, are part of a hamlet called Old Field. Locals have another name for these moneyed lanes: the Renaissance Riviera.

That’s because the area’s wealthiest residents, scientists all, work for the quantitative hedge fund Renaissance Technologies, based in nearby East Setauket. They are the creators and overseers of the Medallion Fund—perhaps the world’s greatest moneymaking machine. Medallion is open only to Renaissance’s roughly 300 employees, about 90 of whom are Ph.D.s, as well as a select few individuals with deep-rooted connections to the firm.

The fabled fund, known for its intense secrecy, has produced about $55 billion in profit over the last 28 years, according to data compiled by Bloomberg, making it about $10 billion more profitable than funds run by billionaires Ray Dalio and George Soros. What’s more, it did so in a shorter time and with fewer assets under management. The fund almost never loses money. Its biggest drawdown in one five-year period was half a percent.

All of the World’s Stock Exchanges by Size

There are 60 major stock exchanges throughout the world, and their range of sizes is quite surprising.

At the high end of the spectrum is the mighty NYSE, representing $18.5 trillion in market capitalization, or about 27% of the total market for global equities.

US Federal Court orders Sarao to pay over USD38m for price manipulation and spoofing

UK resident Navinder Singh Sarao has been ordered to pay a USD25,743,174.52 civil monetary penalty and USD12,871,587.26 in disgorgement for his role in ‘flash crash’ day.

The US District Court for the Northern District of Illinois’ order also permanently prohibits Sarao from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged, and imposes permanent trading and registration bans on him.

Point72 Eyes Further Singapore Hires After 9 Recruits in 2016

Steven A. Cohen’s Point72 Asset Management plans further hires in Singapore after recruiting nine people in the city-state this year, as it expands in a region where rivals have pulled back.

This year’s additions helped boost Point72’s Singapore employees to 27, from 14 in March 2015, Chris Coward, chief of the office and head of risk for the firm’s international business, said on Monday. The Stamford, Connecticut-based family office, which oversees $11 billion, employs fund managers, analysts, quantitative developers and risk researchers in Singapore, he added on the sidelines of a ceremony to mark the relocation to a new office that can house 60 employees, double the previous capacity.

Malaysian KFC operator said to choose banks for US$500m IPO

Comments: A familiar name for fast food lovers.

QSR Brands (M) Holdings Sdn, which operates KFC and Pizza Hut restaurants in Southeast Asia, picked banks to arrange a Malaysian initial public offering next year that could raise about US$500 million, people with knowledge of the matter said.

QSR Brands chose Citigroup Inc, Credit Suisse Group AG and Malayan Banking Bhd to lead the offering, according to the people. The company, which is backed by CVC Capital Partners and Malaysia's largest pension fund, also selected CIMB Group Holdings Bhd. and RHB Bank Bhd. to work on the share sale, the people said, asking not to be identified because the details are private.

Traders Plan Supercharged Chicago-to-Tokyo Network

Some of the world’s top trading firms have agreed to build a faster data transmission network between Chicago and Tokyo, according to a person familiar with the matter, a move that would accelerate trading between two of the major centers of finance.

The roster of firms in the joint venture -- dubbed Go West -- includes IMC, Jump Trading, KCG Holdings, Optiver, Tower Research, DRW’s Vigilant division, Virtu Financial and XR Trading, according to the person, who asked not to be identified because the agreement is private. A representative for the group declined to comment.

Updated Software. Added Screeners.

Updated Software to include FlexTrade. Added a new section Screeners.

Quant Hedge Funds Boom in Asia

Comments: Personally, I feel quant funds and algos are over-hyped currently.

More Asian hedge funds are starting computer-driven strategies, as investors disappointed by the poor performance of some traditional funds search for better returns.

In Singapore, $2 billion multi-family office Thirdrock Group has launched a quant fund, and Lucerne Investment Partners is considering starting one next year. Charles Wang, a former portfolio manager at Bosera Asset Management, is about to launch a vehicle on OP Investment Management’s platform in Hong Kong, where Hantak Investment Advisors plans to next year open a version of the quantitative fund it runs out of Beijing.

Updated IPOs / Financial News

Added a new section on information of upcoming IPOs and performance of recent IPOs.

10 Most Successful Investors in the World

Comments: There are many styles of trading and investing to achieve success in trading. Old school value, speculation, quant, etc.

These 10 most successful investors in the world don’t have much in common aside from their obscene net worths. They come from different backgrounds, went to different schools, and use different strategies in their approach to beating the market. Most of them have used hedge funds as their path to financial success, managing other peoples’ money successfully, which lead to giant paydays for themselves. Others have also invested their own money via various holding companies.

Updated Prop Trading

Added Boomer Capital, Integer Alpha.

Updated Brokers & Services

E*Trade Singapore office have shut down effective 02 Sep 16. Despite several attempts to develop a business here in Singapore, they are unable to find a profitable model. The costs of doing business in Singapore is a big challenge currently, not only in finance, but in various industries.

Goldman Sachs trader made $130m on junk bonds

A junk bond trader at Goldman Sachs Group earned more than $US100 million ($130m) in trading profits for the firm earlier this year, an unusual gain at a time when new regulations have pushed Wall Street to take fewer risks.

The gains were the work of Tom Malafronte, a managing director on the bank’s high-yield bond desk in New York. The 34-year-old trader bought billions of dollars in junk corporate debt on the cheap starting in January, then locked in profits as prices recovered.

Updated Prop Trading

Hyundai Able Investments website is gone. It appears that their trading was not doing well and Hyundai Securities was bought over by KB Financial Group.

Tiny Bank-Beating Trading Firm Doesn’t Use Any Human Traders

One of the world’s fastest-growing trading shops doesn’t have any traders.

XTX Markets Ltd. has emerged as a foreign-exchange powerhouse, relying on programmers and mathematicians to fuel its rise into the global top five earlier this year. Now, after becoming a formidable player in currencies, XTX has its sights set on growing in stocks, commodities and bond markets.

Updated Financial News

Updated links. Added The Edge Markets Singapore.

Comparision of IPO listing fees

A look at the costs of listings on the various leading exchanges around this region. Note the higher costs of listing on SGX. SGX does not offer much attractiveness. The local investor base is much smaller compared to the leading exchanges. Upside maybe potential interest from Temasek and GIC. Listing on HKSE offers visibility and access to potential capital flows from a blooming China. Listing on ASX offers local investors alternatives to the traditional oil, gas, resources and real estate companies.

This is just a simplistic view, do note that there are many other factors not listed here, e.g. reporting and compliance costs; business costs, tax rates and locale; costs of funds, etc.

Global Top Electronic Equity Trading Exchanges In 2015

An interesting list on the global top electronic equity trading venues for 2015. I have highlighted the top and bottom ranked exchanges in green and pink respectively.

The standout has to be Shanghai and Shenzhen exchanges, recording an outstanding increase of +223% and +172% in electronic equity trading volume. Foreign participation is strictly regulated in these markets, I would surmise the increase are coming from within the country. China regulators were very active in trying to stabilize the volatility of its stock markets.

US Hedge Funds Hold $2.2 Trillion In AUM; 3,170 HFs managers and 3,209 active institutional investors located in US

The US is the dominant component of the global hedge fund community, accounting for 72% of the approximately $3.1tn of global assets under management (AUM), as of 30th June 2016. Although other regions are emerging as regards hedge fund activity, the US is home to 3,170 of the 5,092 (62%) institutional investors active in hedge funds, and 3,209 of the 5,377 (60%) active hedge fund managers tracked by Preqin.

Market Volatility Impact On Hedge Funds and Investment Banks In Asia

September is usually a month of higher historical volatility, hedge fund news this month is no exception. News this month includes the legendary hedge fund powerhouse, Tudor Investment Corp, closing its Singapore office. On the flip side, Steve Cohen's Point 72 seems to have found a goldmine of talent in Asia from his earlier 'rant' on the lack of talents in hedge fund industry. (Link: Hedge Funds Under Attack as Steve Cohen Says Talent Is Thin).

There is much news on the investment banking front. Goldman Sachs cutting a quarter of investment banking jobs in Singapore and Hong Kong. Wells Fargo fiasco on opening fake customer accounts, Deutsche Bank being hit by a potential US$14B fine. Another German bank, Commerzbank, announcing job cuts of nearly 10,000 (~20% of their global workforce). Netherland's ING is also rumored to be looking to joining the club with cuts to thousands of jobs soon.

Soros Wagered Deutsche Bank Would Drop in Brexit Turmoil

Comments: Looks like the master speculator is spot on again on his trade. Compounded with the recent headline grabbing US$14B fine handled to Deutsche Bank which is causing a big drop in the share price and financial markets all over the world to tumble in its wake.

DB shares was trading around $17.50 pre Brexit and currently trading around $12.

Soros Fund Management took a short position in Deutsche Bank AG of about 7 million shares as turmoil from the U.K.’s decision to leave the European Union sent bank stocks lower.

The position taken on Friday was equivalent to 0.51 percent of Deutsche Bank’s share capital, according to a German filing published on Monday. The document doesn’t show at which price the fund took the position.

Ping test to IB servers

The following is the result of my ping tests to various IB servers from Singapore with a fiber optic connection.

DESTINATION REGION	PRIMARY/BACKUP	DESTINATION SERVER (HOST)	Average Ping Time
AMERICA - EAST	PRIMARY	gdc1.ibllc.com	236ms
AMERICA - EAST	BACKUP	gdc1_hb1.ibllc.com	236ms
AMERICA - CENTRAL	PRIMARY	cdc1.ibllc.com	236ms
AMERICA - CENTRAL	BACKUP	cdc1_hb1.ibllc.com	236ms
EUROPE	PRIMARY	zdc1.ibllc.com	179ms
EUROPE	BACKUP	zdc1_hb1.ibllc.com	236ms
ASIA	PRIMARY	hdc1.ibllc.com	37ms
ASIA	BACKUP	hdc1_hb1.ibllc.com	236ms

Firm where ‘Flash Crash trader’ first worked fails

Comments: Futux website is offline. Prior to this, they have an office address in Singapore.

The firm that taught Navinder Sarao, the alleged Flash Crash trader, how to play the markets has gone bust after one of its largest traders took out an injunction against it, having been told that he was unable to withdraw millions of pounds of his own money from it.

Futex is understood to have called in administrators last month after the action taken by Gabriele Gandini, an algorithmic trader who told the firm that he wanted to leave.

Maker of Po Chai Pills kicks off HK$750 million IPO to fund expansion plans in Asia

Comments: Now for something closer to home. Local Chinese will know this product very well!

Jacobson Pharma Corp, Hong Kong’s largest generic drug firm and maker of the Po Chai Pills used by generations of the city’s residents, is seeking to raise HK$750 million in an initial public offer.

The company will sell 437.5 million shares at a price range of between HK$1.28 to HK$1.72 per share, 10 per cent of which are reserved for retail investors.

High Frequency Traders Elbow Their Way Into the Currency Markets

High-speed electronic market making, already widespread in stocks, is getting a grudging welcome from currency markets. They don’t have much choice.

Algorithmic traders have more than tripled foreign-exchange volumes over the last three years, seizing opportunities as Wall Street banks withdraw from currency dealing, according to Aite Group, a consultant in Boston. The new group of market makers is trading almost $200 billion a day. While that may seem small in the context of the sprawling global currency market, consider this for perspective: Stock trading on all U.S. exchanges totals about $270 billion a day.

Soros Said to Return to Hands-On Trading, Sees Market Shifts

Billionaire investor George Soros has become more involved in trading at his family office, concerned about the outlook for the global economy and the risk that large market shifts may be at hand, according to a person familiar with the matter.

Soros, 85, has been spending more time in the office directing trades and recently oversaw a series of big, bearish investments, said the person, who asked not to be identified discussing private information. Soros Fund Management LLC sold stocks and bought gold and shares of gold miners last quarter, anticipating weakness in various markets, according to a government filing.

MAS and SGX problems are coming home to roost

Whenever I am asked about my interactions with MAS and SGX from my past 10 over years of working experience, I always state that I am underwhelmed by the people in those organizations. A lack of passion, directions and understanding of the financial industry. It seems the problems are coming home to roost.

 A lot of the bad eggs are 'hatching' the recent years. Maybe an accumulation of bad leadership and decisions over the years have lead to an implosion of sorts. Much like the local SMRT train issues and the Great Financial Crisis of 2008 where errors were accumulated to an overwhelming state of affairs.

Soros Fund Management doubles bet against the S&P 500 in 1st quarter

Billionaire investor George Soros, who has been warning that the 2008 financial crisis could be repeated due to China's economic slowdown, on Monday disclosed his doubled wager against the S&P 500 in the first quarter.

Soros Fund Management said it owned a 2.1-million-share "put" option in the SPDR S&P 500 exchange-traded fund (ETF) which tracks the benchmark U.S. stock index. That was up from about 1 million shares in the option in the fourth quarter, it said in a filing with the U.S. Securities and Exchange Commission.

Hedge Funds Under Attack as Steve Cohen Says Talent Is Thin

In less than seven days, hedge funds have been subject to a three-pronged attack by some of the biggest names in finance.

Steve Cohen, the billionaire trader whose former hedge fund had racked up average annual returns of 30 percent before pleading guilty to securities fraud three years ago, became the latest critic of the business, saying he’s astounded by its shortage of skilled people.

“Frankly, I’m blown away by the lack of talent,” Cohen said at the Milken Institute Global Conference in Beverly Hills, California, on Monday. “It’s not easy to find great people. We whittle down the funnel to maybe 2 to 4 percent of the candidates we’re interested in. Talent is really thin.”

Machine Learning For Stock Trading Strategies

The idea of using computers to trade stocks is hardly new. Algorithmic trading (also known as algo trading or black box trading which is a subset of algo trading) has been around for well over a decade and rapidly gaining in popularity. Here’s a look at algorithmic trading as a percentage of market volume:

 

Source: Morton Glantz, Robert Kissell. Multi-Asset Risk Modeling: Techniques for a Global Economy in an Electronic and Algorithmic Trading Era.

Nine things you need to know about working for systematic macro hedge funds

1. Systematic macro funds use a simple three stage investment process which can be used to trade globally 24 hours a day

1. Collect huge datasets from a diverse range of sources;
2. Analyse the date to find persistent patterns; and finally
3. Encode trading rules into a computer-based program to profit from the identified patterns.

2. Systematic macro hedge funds aren’t limited to trading one particular product or market

3. Systematic macro hedge funds are mostly about identifying and following trends

4. They also look for ‘counter-trends’…

5. And for ‘relative value trends,’ and for ‘seasonal trends’

Flow Traders 2015 Annual Report

Flow Traders recently released their 2015 annual report. They made a profit of €$97.3M off a revenue of €$304.7M. A net profit margin of 32%.

Flow Traders mainly engages in prop ETP trading globally. The company wide average compensation is €338K per employee. Some interesting snipplets below.

Flow Traders is founded in Netherlands, while the corporate HQ for Virtu is in US. Not surprisingly, both earn the most of their income from their home country/continent.

Updated Prop Trading

Added North Point Global, Solitaire Asset Management. Removed Aurelia Traders.

Singapore Raids Brokers; Exchange Reports Irregularities. Singapore Charges Ex-Banker Following 1MDB Probe.

Looks like the local authorities may be (?) finally getting serious going after the behind-the-scenes shenanigans. Many critics have long indicated that Singapore is a key center for money laundering and a tax haven. Signs are there for all to see, conscious decisions by the government to create the eco-structure to attract the money to the island republic. Cue the F1, casinos, private banks, lavish infrastructure projects such as the new stadium, Marina Barrage, Esplanade, Sentosa Cove, tons of new art museums, private hospitals all of which sprung up within a span of a few years. Along with it, sky high property prices

Virtu Financial 2015 Annual Report

The 10-K for Virtu Financial has been filed recently, offering us a glimpse into the professional market making and trading outfit.

The firm made a profit of US$197.5M for 2015 off a total revenue of $796.2M. A 24% net profit margin. The "Brokerage, Exchange and Clearance Fee" amounts to $232.5M. Some interesting details on their market making and trading activities are mentioned in the report.

Warren Buffett's Shareholder Letter, Annotated

The 2015 Berkshire Hathaway annual shareholder letter written by the venerable Warren Buffet is out. The link above is to the annotated version from Bloomberg.

As usual, it is chock-full of super-excellent information on everything related to Berkshire's amazing portfolio of businesses, commentary, analysis and views of industries and the economy.

The Highest-Earning Hedge Fund Managers & Traders

The Highest-Earning Hedge Fund Managers & Traders

Forbes annual list of top earning hedge fund managers & traders for 2015 is out. The top 10 are:

1) Ken Griffin / Citadel LLC : $1.7 Bil 2) James Simons / Renaissance Technology : $1.65 Bil 3) Steve Cohen / Point72 Asset Management : $1.55 Bil 4) David Tepper / Appaloosa Management : $1.2 Bil 5) David Shaw / D. E. Shaw & Co., LP : $700 Mil 6) John Overdeck / Two Sigma Investments : $600 Mil 7) David Siegel / Two Sigma Investments : $600 Mil 8) Israel Englander / Millennium Management, LLC : $550 Mil 9) Ray Dalio / Bridgewater Associates : $500 Mil 10) George Soros / Soros Fund Management LLC : $300 Mil

Modern day Stratton Oakmont ala Wolf of Wall Street at ANZ Banking Group

ANZ Banking Group is making a mark in finance and trading for Australia. Happening inside the trading room is the modern day equivalent of the fat bonuses, sex, drugs and partying culture similar to the infamous brokerage Stratton Oakmont portrayed in the movie 'The Wolf of Wall Street'.

Explosive details of the inner workings have come to light as two traders sued the bank on termination grounds for inappropriate behavior. The news and commentaries flowing out from this scandal is good enough to have a new movie titled "The Wolf of Wall Street - Alive and Down Under".

Snippets of the explosive reports below:
---
"What a waste, it should have been sprinkled on a birthday cake," a senior ANZ markets trader said after a "white substance" was found in the male toilet of the bank's dealing room floor, according to court documents filed by Etienne Alexiou.
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The bank mentioned seven instances of lewd and sexually explicit comments about "gang bangs" and having girls eat sushi off him while naked made by Mr O'Connor via his Bloomberg chat terminal.
---

Hedge Fund Manager Puts Profile on Social Media, Lures $20 Million

Hedge Fund Manager Puts Profile on Social Media, Lures $20 Million

Joshua Young started his hedge fund less than a year ago. Last month, he caught a break when a university endowment handed him $20 million, quintupling his assets under management.

How did an obscure Houston fund called Bison Interests land such a big fish?

Hedge Funds in Asia Had Nowhere to Hide in January ‘Bloodbath’

Hedge Funds in Asia Had Nowhere to Hide in January ‘Bloodbath’

Hedge funds in Asia, which navigated turbulent markets to post gains in 2015, had nowhere to hide in January.

As global stocks, currencies, commodities and risky bonds were roiled in a renewed frenzy of selling in January, hedge funds including those from Quam Asset Management Ltd. and Greenwoods Asset Management Ltd. fell more than 10 percent last month, while one from Springs Capital fell more than 20 percent. As a group, Asia-focused hedge funds declined 3.1 percent, their worst start to a year since 2008, according to Singapore-based Eurekahedge Pte. About 81 percent of hedge funds actively reporting to the Asia Long-Short Equities category had negative returns last month, the data show.

Hedge Fund Starts in Asia Drop to 14-Year Low in Turbulent Year

Hedge Fund Starts in Asia Drop to 14-Year Low in Turbulent Year

Hedge fund launches in Asia dropped to the lowest in 14 years last year as investors’ preference for big funds and rising regulatory costs converged with a turbulent market.

The number of hedge funds that opened in Asia dropped to 76 in 2015, according to Singapore-based data provider Eurekahedge Pte, down from 117 in the prior year and the fewest since 2001. The number was less than half of the peak in 2010, when 188 new hedge funds set up operations.

A report card on business environment in Singapore

Earlier in January, Singapore Business Federation (SBF) released a Position Paper detailing the collective views of the business community in Singapore on issues facing Singapore businesses as well as suggestions to overcome these issues in the short and long term.

An interesting parallel is observed in their Position Paper and my personal views. As a layman, I can see many of these challenges faced by companies and SMEs for a long time. I wonder how the authorities can miss so many obvious points on the issues facing companies and SMEs in Singapore. That begs the question whether we have the right leadership team, direction and will in place in the authorities.

The SBF Position Paper (in Page 16 of the full report) also presents a report card for SGX and the authorities for their (mis?)management of the securities market over the past decade as a channel of fund raising for companies. The basis of comparison used is 'Market Capitalisation of Equities/GDP (%)' which I have reproduced below. Notice SGX records a shrinking share as compared to other countries which are growing.

The Position Paper even mooted the idea of setting up another board or separate exchange which may indicate they are encountering serious problems or inefficiency of capital raising via listing on SGX.

The business community collectively have raised a lot of important and thoughtful points in the Position Paper which I hope the authorities can make a serious effort in addressing.

SBF Position Paper Presentation

SBF Position Paper Summary Sheet

SBF Position Paper (Full)

The Pros Watch

With volatility swamping the markets, it may be wise to take a step back and listen to what the tried and tested real pros are saying and doing.

George Soros is without doubt, one of the most successful speculator in modern investing. Famous for "Breaking the Bank of England" and making a profit of US$ 1 Billion as well as making waves in the Asian Financial Crisis. His Quantum Fund was one of the most successful hedge fund in history. More background of George Soros at Wikipedia.

George Soros
Summary of current views: Hard landing in China, Short S&P 500, No more Fed rates increase.
Reference: (21 Jan 2016) George Soros says too early to buy stocks after shorting S&P 500

Singapore's biggest securities fraud investigation

The Business Times have a good infographic on the state of investigation to date and a write up on the behind the scene investigations to date.

(Infographic) Singapore's biggest securities fraud investigation

(BT writeup) Soh Chee Wen 'mastermind' of penny stock crash: prosecutor

INVESTIGATORS probing the 2013 penny stock collapse believe that they have enough evidence to show that Malaysian businessman Soh Chee Wen was the mastermind behind the companies at the heart of the market crash, the prosecution said on Wednesday at a hearing on Mr Soh's bail conditions.

Investigations are also at an advanced stage, and charges could be filed by the end of the year, possibly before September, deputy public prosecutor Gordon Oh said in court.

The Man Prosecutors Say Is Likely Behind Singapore's Stock Rout

The Man Prosecutors Say Is Likely Behind Singapore's Stock Rout

John Soh Chee Wen is used to being accused of wrongful activity.

Soh, a bankrupt Malaysian businessman last week fingered by Singapore prosecutors as the likely mastermind behind the city’s biggest ever stock market manipulation scheme, has spent much of the past 20 years fending off allegations that he’s alternatively a front, an asset trader or a pump-and-dump operator.

“I’m battle hardened,” the 57-year-old, who’s out on bail during investigations, said in an interview on Jan. 27. In Singapore, a person can be arrested and out on bail even before charges are brought.

Singapore Probes Malaysian’s Role in 2013 Penny-Stock Rout

Singapore Probes Malaysian’s Role in 2013 Penny-Stock Rout

Singapore is looking into a Malaysian businessman’s involvement in the city’s largest securities-fraud probe, where three companies suffered an unexplained free-fall that wiped out S$8 billion ($5.6 billion) in a penny-stock rout in 2013.

The investigation into John Soh Chee Wen’s role emerged in Singapore court proceedings Wednesday when he sought permission to leave the country. His application was denied. Soh, 57, has been assisting the Commercial Affairs Department in its ongoing probe of suspected stock-trading irregularities related to Asiasons Capital Ltd., which has been renamed Attilan Group Ltd., Blumont Group and LionGold Corp., according to his lawyer, Tan Chee Meng. He hasn’t been charged.