SINGAPORE: The co-conspirator in a Singapore Exchange (SGX ) market manipulation case, which involved market rigging on over 400 occasions across 126 unique securities, was sentenced to 16 months ‘ jail and fined S$ 12, 105.70 on Wednesday ( Oct 9 ).
Oon Yun Cong, 35, pleaded guilty on Aug 12 to two charges under the Securities and Futures Act for , fraudulently inducing others to deal in shares, said the , Monetary Authority of Singapore ( MAS ) on Thursday.
Another command was taken into account for the sentencing process.
Between , Apr 30 and Nov 23 in 2020,  , he had made false statements on 10 times in two Telegram chat teams to stimulate people in those organizations to buy shares in securities held by him, said MAS.
His false claims included overstating his target market value for the stocks and making the bogus claim that he had purchased shares of the securities when he had not.
In the same Telegram chat groups, Oon and his companion, 37-year-old Kenneth Goh Jia Poh, conspired to make similar false claims on six different events to entice people to purchase stock from the securities bars where the couple held stocks during the same time.