Malaysian mastermind of Singapore penny stocks crash John Soh gets 36 years’ jail

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The mastermind of Singapore’s largest stock market manipulation case, John Soh Chee Wen, a Malaysian, was sentenced to 36 years in prison.

His co-conspirator, Quah Su-Ling, was sentenced to 20 years in jail today.

Soh and Quah are appealing their sentences.

The case saw nearly S$8 billion (RM26.32 billion) in market value wiped out in October 2013.

The court battle lasted nearly four years and included a record 349 successful charges for which prosecutors sought a jail sentence of 40 years for Soh, and 19-and-a-half years for Quah.

The pair is convicted for all 10 market manipulation charges brought against them under Section 197 of the republic’s Securities and Futures Act.

Prosecutors requested consecutive terms for 11 of the 180 charges against Soh and an aggregate sentence of 40 years in jail. The 11 charges comprise three for fraudulent trade, three for deception, two for cheating, and three for tampering.

Quah was convicted on 169 charges. The prosecution sought consecutive sentences for six charges (two for false trading charges, three deception charges and one cheating charge), and an aggregate sentence of 19-and-a-half years of jail.

Soh, 63, has been in remand since November 2016, while Quah, 58, the former chief executive officer of IPCO (now Renaissance United), is free on a S$4 million (RM13.16 million) bail.