"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."
"The alleged fraud involved the use of more than 180 trading accounts to carry out “manipulative trades”, according to a joint statement by Singapore’s attorney-general’s chambers, the Monetary Authority of Singapore and the police."
" The couple are also accused of conspiring to cheat Goldman Sachs and Interactive Brokers, the US electronic brokerage firm, into extending more than S$170m in margin financing to their accounts."
" The penny stocks crash sparked Singapore’s most complex fraud investigation, trawling more than 2m emails and half a million trade orders as well as thousands of financial statements."
Link: Couple charged in Singapore exchange ‘penny stock crash’ case
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