Singapore’s High Court has sentenced the masterminds behind the country’s largest stock market manipulation to decades in jail, according to a joint statement on Wednesday from the Attorney-General’s Chambers, Singapore Police Force and Monetary Authority of Singapore.
The duo linked to a 2013 penny-stock rout — Malaysian businessman John Soh and Quah Su-Ling — were sentenced to 36 years and 20 years in jail, respectively. Both are appealing their sentences, according to the statement.
The pair were found, among other things, to have manipulated the share prices of Blumont Group, Asiasons Capital and LionGold Corp between August 2012 and October 2013, and cheating two financial institutions, the statement said.
Read more: Singapore Finds Duo Guilty in 2013 Stock Manipulation Case
“The elaborate scheme masterminded by the offenders to manipulate shares listed on SGX led to large losses by investors and harmed public confidence in the integrity of Singapore’s capital markets,” said Loo Siew Yee, Assistant Managing Director, Policy Payments and Financial Crime, at the MAS.
“The successful prosecution and stiff sentences leave no doubt as to the authorities’ resolve in acting against such misconduct,” she said.