2013 penny stock crash

SINGAPORE (May 31): The trial of John Soh Chee Wen and Quah Su-Ling, the alleged masterminds behind the 2013 penny stock crash, has been adjourned after five consecutive weeks of hearing. But it is expected to get more exciting when the hearing resumes in

SINGAPORE (June 3): When news broke that Jeffrey Ong, managing partner of law firm JLC Advisors, had disappeared with $33 million from an escrow account maintained by Allied Technologies at JLC, it seemed like an all too familiar story.

The first part of the penny stock trial has ended. When the hearing resumes in August, witnesses closer to the two alleged masterminds, John Soh and Quah Su-Ling, will be called to testify.

SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore

SINGAPORE (May 27): The prosecution and defence in the 2013 penny stock crash trial on May 23 crossed swords over how conditioned statements had been prepared and the relevance of questions raised in the cross-examination of these statements.

SINGAPORE (May 24): After stretching over nearly two months, hearings for the first tranche of witnesses in the trial of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling has finally come to an end.

SINGAPORE (May 23): Jeffrey Ong, chairman of Annica Holdings, has quit with immediate effect on May 20. Ong is also the managing partner of boutique law firm JLC Advisors.

SINGAPORE (May 22): Prosecution witness Ong Kah Chye revealed trades in three accounts under him were solely executed on the instructions of John Soh Chee Wen.

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties.

SINGAPORE (May 20): As the trial of the alleged masterminds of the 2013 penny stock crash enters its fourth week, witnesses have admitted to lying in their statements to the police, confessed to ignorance and “imprudent” actions and agreed with sugges