The Singapore High Court on Thursday convicted Malaysian businessman and woman, John Soh Chee wen and Quah Su-Ling for market manipulation and cheating offences that led to the 2013 penny-stock crash.
Chee Wen and Su-Ling carried out manipulative trades by using 187 trading accounts to artificially inflate the share prices of several penny stocks, which include Asiasons Capital, Blumont Group and LionGold Corp.
The pair could face imprisonment of up to seven years, a fine of up to $250,000, or both for each charge under Sections 197 and 201 of the Securities and Futures Act.
One of their conspirators, former Interim IPCO International Chief Executive Goh Hin Calm pled guilty to 6 charges of abutment back in 2019.