On 25 November 2024, a 61-year-old man Wong Chow Lin @ Benjamin Wong (“Wong”) and his trading representative, a 46-year-old woman Gillian Isabel Siow Siang Sok (“Siow”), were charged with false trading offences under the Securities and Futures Act (“SFA”).
Investigations revealed that Wong had allegedly traded in the shares of Eurosports Global Limited (“Eurosports”), to push up the closing price of the shares on 77 trading days between 24 February 2017 and 12 January 2018. He was charged with one count under Section 197(1)(b) of the SFA for engaging in a course of conduct to create a misleading appearance with respect to the price of Eurosports shares during this period.
Siow, who was Wong’s trading representative at the time, was charged with one count under Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for intentionally aiding Wong in false trading.
The above charges arose from a referral by the Singapore Exchange Securities Trading Limited and the consequent joint investigation by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore.
If convicted of a charge under Section 197(1)(b) of the SFA, an individual will face imprisonment of up to seven years, a fine not exceeding $250,000, or both.
SINGAPORE POLICE FORCE
26 November 2024 @ 11:30 AM