And swallowed by a jiuhu bank. Singaporean investors got cheated by Jiuhu United.
You should really treat jiu hu people like locals.they are a colourful bunch.very creative and daring.
Penny stock scandal's accused Soh said to have 'substantial funds' despite S$8b crash
THU, OCT 03, 2019 - 2:25 PM
TAY PECK GEK
JOHN Soh Chee Wen, the alleged mastermind behind the 2013 penny stock market-rigging, was said to have "substantial funds" after the crash that wiped out S$8 billion in market value.
Soh, 59, is accused of engaging with Quah Su-Ling in a conspiracy to artificially inflate the share prices of Blumont Group, Asiasons Capital (now Attilan Group) and LionGold Corp - in August 2012 to October 2013. Prices of these stocks dived in early October 2013 and S$8 billion in market value evaporated as a result.
The Business Times reported on Sept 30 that the
penny stock rout has resulted in at least half a dozen people bankrupt, as evidence in an ongoing trial against Soh and Quah revealed.
Prosecution witness Tai Chee Ming told the High Court on Oct 3 that Soh appeared to still have substantial funds after the crash, despite Soh and Quah were estimated to have incurred S$400 million in trading losses in the crash.