One of three people implicated in the 2013 penny stock crash was sentenced yesterday to 36 months' jail for intentionally aiding two others in the scheme that wiped out $8 billion from the Singapore stock market.
Former Ipco International interim chief executive Goh Hin Calm pleaded guilty to two of six charges of abetment in manipulating the stocks of Blumont Group and Asiasons Capital.
Those counters, and that of LionGold Corp, rose over 800 per cent in nine months before crashing on Oct 4, 2013, in what the prosecution called "the most audacious, extensive and injurious market manipulation scheme ever in Singapore".
The trial of the other two defendants starts next Monday.
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