meet the boss - penny stock crash probe!

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An honorable member of the Coffee Shop Has Just Posted the Following:

Penny stock crash probe: Court denies businessman John Soh Chee Wen's bid to return to Malaysia

the prosecution has described Mr Soh, 57, the possible "mastermind" in what has been called the biggest securities fraud to date.

The authorities are investigating possible violations of the Securities and Futures Act, stemming from alleged trading irregularities in the shares of Blumont Group, LionGold Corp and Asiasons Capital, now called Attilan Group.

The three penny stocks had surged by more than 800 per cent in less than nine months before plunging by between 91 and 96 per cent in October 2013, wiping out $8 billion in market value in three days.

Market confidence was shaken, with a 60 per cent fall in the average daily traded volume on the Singapore Exchange in the one year period after September 2013, according to SGX data.

Trading value over the same period fell by more than 30 per cent, as crash made investors more cautious, particularly about small- and mid-cap firms.

http://www.straitstimes.com/business...rn?xtor=CS3-17


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