John Soh Chee Wen, a Malaysian businessman, was sentenced to 36 years in prison today after being found guilty of masterminding Singapore's largest stock market fraud, which wiped out approximately S$8 billion in 2013.
Quah Su-Ling, Soh's co-conspirator, was sentenced to 20 years in prison, as reported by The Edge Singapore and Channel News Asia.
According to the Straits Times, Soh and Quah, now aged 62 and 57, respectively, are appealing their Singapore prison terms.
According to The Edge Singapore, the prosecution sought forty years of imprisonment for Soh and nineteen and a half for Quah.
In the biggest stock market manipulation case in Singapore, the pair was accused of manipulating the share prices of three penny companies known collectively as BAL shares: Blumont Group Ltd (Blumont), Asiasons Capital Ltd (Asiasons), and LionGold Corp Ltd (LionGold).
The drop of BAL share prices on October 4, 2013 wiped away US$8 billion (RM25.3 billion) off the Singapore stock exchange.
On May 5, the Singapore High Court found Soh guilty on 180 of 188 counts, while Quah was found guilty of 169 of 178 offenses.
They were found guilty of criminal conspiracy counts involving forced trading, price manipulation, and fraud.
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