A man and his broker were accused of inflating the value of a luxury car distributor’s shares in Singapore on Monday ( November 25 ).
One false buying command was brought against Wong Chow Lin@Benjamin Wong, 61, under the Securities and Futures Act.
His trading agent, 46-year-old Gillian Isabel Siow Siang Sok, was charged with aiding him in fake buying.
Wong had reportedly traded in the stock of Eurosports Global to drive up the final cost of its shares , on 77 buying time between Feb 24, 2017 and Jan 12, 2018,  , the authorities said on Tuesday.
According to the police, this gave off” a false appearance regarding the price of Eurosports stocks during this time.”
He purchased Eurosports Global securities through two trading accounts run by CIMB Securities ( Singapore ), according to charge sheets.
Without Wong’s intervention, the charge sheets revealed that the closing prices for Eurosports Global on those 77 days would have been between 0.5 % and 4 % higher than they would have been.
Siow is accused of assisting Wong in using the two trading accounts to place orders and execute trades on Eurosports Global assets.
According to its site, Eurosports Global is the exclusive distributor of Touring Superleggera cars and the only authorized dealer for Lamborghinis in Singapore.
Its involvement in , trading, and distributing pieces and related equipment is revealed in a bourse filing on the Singapore Exchange (SGX ).
Wong and Siow are the subject of a joint investigation led by the officer’s Business Affairs Department and the Monetary Authority of Singapore following a recommendation from SGX.
If convicted, Wong and Siow may each be jailed for up to seven years, fined up to S$ 250, 000 ( US$ 186, 000 ), or both.