Mastermind of Singapore penny stock crash sentenced to 36 years’ jail
36 years behind bars Malaysian businessman John so was sentenced today for masterminding the largest case of stock market manipulation in Singapore and his ex-partner and accomplice quasuling was handed a 20-year jail sentence both intend to appeal against their conviction and those sentences and so who is bankrupt has chosen to remain.
In remand qua mean time is out on bail of four million dollars pending her appeal and from August of 2012 so and qua controlled over 180 trading accounts using these to artificially inflate the prices of three penny stocks the scheme unraveled 14 months later when share prices crashed wiping out 8 billion Singapore dollars worth of market cap.
From the Singapore exchange a group that represents retail investors says the exchange in Central Bank have put in place stronger safeguards since then however it’s president and CEO advises against trying to seek restitution if investors are thinking whether because of this conviction they can recover any uh you know their.
Investments back um they they should consult a lawyer but in fact he’s a bankrupt is there anything in his pocket any assets I don’t think so but it is a matter of you know investigations and I think that will be quite futile because this is now over 10 years a financial education firm says that the.
Sentencing will be closure for affected investors even if they can’t recover their money however its CEO says that such events could occur again and not just in the local Stock Exchange it’s not just Singapore itself but every exchange around the world have the same problem and the authorities will have this issue which is a real volume right.
How do you clam down on such illegal trading manipulation of the market and how do you tell that apart from regular real trading because you don’t want to deny access to real investors