SINGAPORE: On Monday, November 25, a man and his broker were accused of inflating the value of shares of a Singaporean distributor of luxury cars.
Under the Securities and Futures Act, Wong Chow Lin @ Benjamin Wong, 61, was charged with one count of dishonest trading. Gillian Isabel Siow Siang Sok, 46, his trading agent, was accused of helping him engage in fraudulent trading.
According to the authorities on Tuesday, Wong reportedly engaged in 77 trading days between February 24, 2017, and January 12, 2018, in order to increase the closing price of Eurosports Global’s shares.
The police said the result was “a misleading appearance with respect to the price of Eurosports shares during this period.
Charge sheets show he used two trading accounts with CIMB stocks (Singapore) to purchase Eurosports Global stocks.According to the charge sheets, Eurosports Global’s closing prices for those 77 days were between 0.5 and 4 cents higher than they would have been in the absence of Wong’s action.
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