Now under new shareholders and management, Blumont has been renamed Southern Archipelago, Asiasons was first named Attilan Group before it was delisted while LionGold has been renamed Shen Yao Holdings.
John Soh Chee Wen — the accused mastermind of the 2013 penny stock crash — and his co-conspirator Quah Su-Ling, were found guilty of Singapore’s most serious case of market manipulation. They have been convicted for criminal conspiracy, including false trading, price manipulation, deception and cheating.
The two “long-term partners in both business and personal affairs” had been on trial since March 2019 for orchestrating the manipulation of three penny stocks, Blumont Group, Asiasons Capital and LionGold Corp — collectively known as BAL — between 2012 and 2013. The stocks crashed in October 2013 and destroyed some $8 billion in market value.
