In her oral judgement, judge Hoo Sheau Peng said, "Armed with a good understanding of the securities and financial markets, and tapping on their extensive connections and networks, they boldly exploited the system. They personally minded and tended to the intricate scheme they devised on an almost daily basis for a prolonged period of 14 months, taking steps to evade detection by the authorities."
A Singapore court has sentenced Malaysian John Soh Chee Wen — who was found guilty of masterminding the manipulation of three penny stocks that eventually collapsed and wiped off $8 billion in market capitalisation in 2013 — to 36 years in jail. His main accomplice Quah Su Ling, another Malaysian, was given 20 years.
Soh was convicted of 180 of the 188 charges he faced for forced trading, price manipulation and deception. Quah was guilty of 169 of the 178 charges she faced. The two intend to appeal against their conviction and sentence.
