Four Individuals Sentenced to Prison for Market Manipulation in Singapore

Four individuals in Singapore have been sentenced to prison for their involvement in market manipulation. Mr. Ang Wei Jie Simon, Ms. Koh Cheo Leng, Mr. Lin Eng Jue, and Mr. Chong Yew Mun Alan were found guilty of false trading in the shares of Koyo International Limited (Koyo) and deceiving brokerage firms by using unauthorized trading accounts.

These individuals were part of a larger scheme involving eight people.

Their goal was to create a false appearance of the price of Koyo shares. Between August 2014 and January 2016, they manipulated the market by controlling 53 trading accounts under the names of 15 individuals. Their strategy was to buy and sell Koyo shares at increasingly higher prices to attract a potential buyer for a reverse takeover of the company.

During this period, the price of Koyo shares rose from $0.16 to a high of $0.40. However, the scheme unraveled when the Singapore Exchange Securities Trading Limited (SGX-ST) noticed unusual trading activities and issued a “Trade with Caution” alert. Trading curbs were imposed by several brokerages, causing the share price to plummet to $0.056.

Account holders, including brokerages, suffered losses totaling approximately $3.28 million.

The four individuals pleaded guilty to their charges and have received prison sentences.

• Mr. Ang Wei Jie Simon was sentenced to 13 months.

• Ms. Koh Cheo Leng received 19 weeks.

• Mr. Lin Eng Jue was given 42 months.

• Mr. Chong Yew Mun Alan received 11 weeks of imprisonment.

The criminal procedures against all eight persons engaged in the market manipulation scam have already concluded. The convictions came as a consequence of a combined investigation by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force, which was prompted by a referral from SGX-ST.

MAS's Assistant Managing Director, Ms. Loo Siew Yee, emphasized the severity of the scheme and its impact on the market. She stated that MAS would take firm action against such misconduct to preserve the integrity of Singapore's capital markets.

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