Jail for accomplice in $8b penny stock crash

Former interim Ipco International chief executive Goh Hin Calm, one of three people implicated in the penny stock crash, pleaded guilty on March 20, 2019, to two of six charges of abetment in manipulating the stocks of Blumont Group, Asiasons Capital
Former interim Ipco International chief executive Goh Hin Calm, one of three people implicated in the penny stock crash, pleaded guilty on March 20, 2019, to two of six charges of abetment in manipulating the stocks of Blumont Group, Asiasons Capital and LionGold Corp.ST PHOTO: KELVIN CHNG

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.

SEE TOP OF THE NEWS: Former Ipco International interim CEO jailed for 36 months

A version of this article appeared in the print edition of The Straits Times on March 21, 2019, with the headline 'Jail for accomplice in $8b penny stock crash'. Print Edition | Subscribe