Stock was clearly manipulated using cornering plus rumor plus hype up business plans technique.
In Singapore, we do not have the set of "wire fraud" ambiguous laws to presecute
the manipulators of this stock.
1. They did not falsify accounts.
2. Those business deals hyped up as they seem
in mining etc can jjust be brushed off as business risks.
3. The conrnering and ramp up are done by distributed
coordinated means involving small cell groups and no way of proving anything.
4. There were some late disclosures of significant shareholders dumping stock...
such offense only carry a small fine.
So we don't have the laws to charge the people behind this. Not only that SGX and regulators will
not even be bothered to do anything.
In other words we do not have sufficient laws to cover these type of thing and people will get ripped of
again and again.
Contrary to people's view of Singapore being an orderly and law abiding place where they catch people
for chewing hum, the financial sector is insufficiently regulated.
There is a lack of an equivalent SEC
How should these crimes be tackled.
1. Look at the changes made to SEC during Joseph Kennedy time with the organisation to be more effective
in pursuing market manipulators.
2. The SEC in recent insider case involving Tamil American hedge fund manager, Raj Rajaratnam, was
caught after months of investigative work to uncover his insider trading syndicate. The effort to break this illegal
ring was tremendous and Singapore has no regulator with the expertise to do something like this....and does not seem
to bother.
3. As a result, Malaysian syndicates operate from right under the nose of SGX, MAS, CPIB.
...and we don't even have adequate laws to presecute them even if we caught them.
In the first place, we don't even have the means to catch them.
How much was lots with the collapse of Blumont, LionGold, Asiaones? Roughly $6B in capitalisation and several billion
of that hard earned money of Singaporeans.
Are investors not worth protecting from crime and fraud? .... where is the deep expertise to tackle such fraud?
By investing in law enforcement in this area, it can save Singaporeans from lots of losses and grief...against international
syndicates. Almost nobody was persecuted when S-shares collapsed because our govt and authorities are only interested in
growing the financial sector not the protection of Singaporeans.
In Singapore, we do not have the set of "wire fraud" ambiguous laws to presecute
the manipulators of this stock.
1. They did not falsify accounts.
2. Those business deals hyped up as they seem
in mining etc can jjust be brushed off as business risks.
3. The conrnering and ramp up are done by distributed
coordinated means involving small cell groups and no way of proving anything.
4. There were some late disclosures of significant shareholders dumping stock...
such offense only carry a small fine.
So we don't have the laws to charge the people behind this. Not only that SGX and regulators will
not even be bothered to do anything.
In other words we do not have sufficient laws to cover these type of thing and people will get ripped of
again and again.
Contrary to people's view of Singapore being an orderly and law abiding place where they catch people
for chewing hum, the financial sector is insufficiently regulated.
There is a lack of an equivalent SEC
How should these crimes be tackled.
1. Look at the changes made to SEC during Joseph Kennedy time with the organisation to be more effective
in pursuing market manipulators.
2. The SEC in recent insider case involving Tamil American hedge fund manager, Raj Rajaratnam, was
caught after months of investigative work to uncover his insider trading syndicate. The effort to break this illegal
ring was tremendous and Singapore has no regulator with the expertise to do something like this....and does not seem
to bother.
3. As a result, Malaysian syndicates operate from right under the nose of SGX, MAS, CPIB.
...and we don't even have adequate laws to presecute them even if we caught them.
In the first place, we don't even have the means to catch them.
How much was lots with the collapse of Blumont, LionGold, Asiaones? Roughly $6B in capitalisation and several billion
of that hard earned money of Singaporeans.
Are investors not worth protecting from crime and fraud? .... where is the deep expertise to tackle such fraud?
By investing in law enforcement in this area, it can save Singaporeans from lots of losses and grief...against international
syndicates. Almost nobody was persecuted when S-shares collapsed because our govt and authorities are only interested in
growing the financial sector not the protection of Singaporeans.
