Penny stock masterminds lose bid to overturn convictions
Frankie Ho • • 4 min read
The scheme ran from August 2012 to October 2013 and ended abruptly when the three stocks collapsed on Oct 4, 2013, wiping out more than $8 billion in market value / Photo: Samuel Isaac Chua
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Singapore’s Court of Appeal has upheld the convictions of John Soh Chee Wen and Quah Su-Ling, sealing their fate as the masterminds behind the largest securities fraud in the history of the Asian financial hub.
The pair were found guilty in 2022 of running a syndicate that rigged the share prices of Blumont Group, Asiasons Capital and Liongold Corp – collectively known in court documents as BAL – using money from financial institutions that had been misled into providing loans.
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