Lawsuits shine light on Goldman’s role in Asiasons, Blumont and LionGold crash

[greengiraffe]

Oct 2015 will be 2 years... 22 months for a highly efficient task force... IIRC its unprecedented...

No Eyes See
GG

A precursor for a major action?

Singapore spares 'no effort' in biggest securities fraud probe

SINGAPORE (Aug 11): Singapore warned that it is sparing no effort in its largest securities-fraud probe as it seeks to shore up confidence after an $8 billion stock rout in 2013.

"We are acutely aware of the impact on investor confidence and the need to resolve this quickly and effectively," the Commercial Affairs Department said in its latest annual report. "The joint team is working tirelessly to get to the bottom of the matter."

The white-collar crime agency and the Monetary Authority of Singapore announced in April 2014 they were probing suspected stock-trading irregularities related to Asiasons Capital Ltd ( Financial Dashboard), Blumont Group ( Financial Dashboard) and LionGold Corp ( Financial Dashboard). The stocks had surged by at least 800% in the nine months before their shares plunged. That spurred brokers to clamp down on margin lending and dented trading sentiment.

The three companies have said they don't know what caused the sudden declines. Banks and brokers have sued to recover at least US$230 million ($318 million) from the stock rout.

"Together with the MAS, we are sparing no effort to bring those responsible to justice in the course of our biggest securities fraud investigation to date," the financial police said.

The joint probe "is the first of many to come."
http://www.theedgemarkets.com/sg/article...raud-probe

[CityFarmer]

Unprecedented? In the few case studies of mine, it will take years to settle down with a verdict for few million cases. An investigation of 22 months for 8 billion case, is normal based on norm, IMO

It is either a highly inefficient task force, or inherently a time-consuming task. I am more inclined to believe the latter.

Oct 2015 will be 2 years... 22 months for a highly efficient task force... IIRC its unprecedented...

No Eyes See
GG

A precursor for a major action?

Singapore spares 'no effort' in biggest securities fraud probe

SINGAPORE (Aug 11): Singapore warned that it is sparing no effort in its largest securities-fraud probe as it seeks to shore up confidence after an $8 billion stock rout in 2013.

"We are acutely aware of the impact on investor confidence and the need to resolve this quickly and effectively," the Commercial Affairs Department said in its latest annual report. "The joint team is working tirelessly to get to the bottom of the matter."

The white-collar crime agency and the Monetary Authority of Singapore announced in April 2014 they were probing suspected stock-trading irregularities related to Asiasons Capital Ltd ( Financial Dashboard), Blumont Group ( Financial Dashboard) and LionGold Corp ( Financial Dashboard). The stocks had surged by at least 800% in the nine months before their shares plunged. That spurred brokers to clamp down on margin lending and dented trading sentiment.

The three companies have said they don't know what caused the sudden declines. Banks and brokers have sued to recover at least US$230 million ($318 million) from the stock rout.

"Together with the MAS, we are sparing no effort to bring those responsible to justice in the course of our biggest securities fraud investigation to date," the financial police said.

The joint probe "is the first of many to come."
http://www.theedgemarkets.com/sg/article...raud-probe

[brattzz]

S$8B... take a few decades also acceptable...

[greengiraffe]

Hi CF,

You are hardworking bloke... GG here don't like excessive BTC as I deemed that historical experience whilst good is unlikely to be repeated as human beings are good survivor as they will grow wiser after each experience and not repeat mistakes...

Interestingly, The Edge was the one that sounded the sharpest alarm on the incident and seems like even local authorities here are not keen to pick up and actively pursue the lead on Mr Soh...

So what can we doshould people choose the hard way...

GG

http://bambooinnovator.com/2013/10/19/da...e-extraor/

https://sg.finance.yahoo.com/news/tong-k...05169.html

http://www.wsj.com/articles/SB1000142405...2108848258

http://guanyu9news.blogspot.com.au/2014/...truth.html

Unprecedented? In the few case studies of mine, it will take years to settle down with a verdict for few million cases. An investigation of 22 months for 8 billion case, is normal based on norm, IMO

It is either a highly inefficient task force, or inherently a time-consuming task. I am more inclined to believe the latter.

Oct 2015 will be 2 years... 22 months for a highly efficient task force... IIRC its unprecedented...

No Eyes See
GG

A precursor for a major action?

Singapore spares 'no effort' in biggest securities fraud probe

SINGAPORE (Aug 11): Singapore warned that it is sparing no effort in its largest securities-fraud probe as it seeks to shore up confidence after an $8 billion stock rout in 2013.

"We are acutely aware of the impact on investor confidence and the need to resolve this quickly and effectively," the Commercial Affairs Department said in its latest annual report. "The joint team is working tirelessly to get to the bottom of the matter."

The white-collar crime agency and the Monetary Authority of Singapore announced in April 2014 they were probing suspected stock-trading irregularities related to Asiasons Capital Ltd ( Financial Dashboard), Blumont Group ( Financial Dashboard) and LionGold Corp ( Financial Dashboard). The stocks had surged by at least 800% in the nine months before their shares plunged. That spurred brokers to clamp down on margin lending and dented trading sentiment.

The three companies have said they don't know what caused the sudden declines. Banks and brokers have sued to recover at least US$230 million ($318 million) from the stock rout.

"Together with the MAS, we are sparing no effort to bring those responsible to justice in the course of our biggest securities fraud investigation to date," the financial police said.

The joint probe "is the first of many to come."
http://www.theedgemarkets.com/sg/article...raud-probe

[weijian]

ENFORCEMENT is finally on its way after 3 years?

Soh Chee Wen among those arrested in probe into 2013 penny stock crash

http://www.businesstimes.com.sg/banking-...tock-crash

[specuvestor]

Better late and thorough than never. I doubt I'll see anything on 1MDB a decade from now, nor anyone bankers held responsible for 2009

Doubt the investigation will link back to Malaysia though cause it has been very quiet

[corydorus]

2008 GFC, suits only ending now .... that's 8 years even in Western countries.

[dreamybear]

Star Remisier - High income = high risk + high potential losses ?

-----------------------------------------------------------------------------

2013 penny stock crash has made at least half a dozen people bankrupt
Mon, Sep 30, 2019 - 5:50 AM

Singapore

HENRY Tjoa was Phillip Securities' star remisier with S$2.3 million generated in commission income in 2013. But the self-employed broker was hit by the penny stock crash in October that year when his clients could not pay up for their trading losses totalling over S$12 million.

Mr Tjoa declared himself a bankrupt, losing not only his trading representative licence as a result of being insolvent but also his remisier position.

This was what the High Court heard in the first tranche of the long-running trial of John Soh Chee Wen, 59, and Quah Su-Ling, 55. The Malaysians are accused of orchestrating a secret web of 189 accounts belonging to 60 individuals and companies in August 2012 to October 2013, with the aim of artificially inflating the prices of Blumont Group, Asiasons Capital (now Attilan Group) and LionGold Corp, collectively known as BAL......

Read more : https://www.businesstimes.com.sg/compani...e-bankrupt

[Bibi]

One of my former remiser was also caught in the penny crash act. He attended court but I no sure if he was charged or declared bankrupt. I only know he quit after that. His problem was he did not ask his client to sign a form when that client was trading using another person account. Apparently, I believe that client is a big fish so he closed an eye or both eyes. I know becos when I told him i am buying the shares on behalf of my wife using her acct, he told me I need to sign a form. So its greed that brought most remisers to bankrupt when they didnt do their risk assessment. Small fish like me he exercise unnecessary due diligence. Big fishes he chose to close both eyes. I think they should take risk assessment exams every year.

[specuvestor]

Funny Soh tried to push responsibility to his close confidante Tai; more than meets the eye

https://www.theedgesingapore.com/news/20...ner-circle

In the last quarter of 2014, Tai was sued in Malaysia by the group of Malaysians who had opened accounts with IB, who alleged that Tai had opened the accounts without their authorisation.

When asked by Tai, Soh claimed he was unaware of the law suit, and that he had spoken to the plaintiffs’ lawyer, Krishna Kumar, to find out what was happening.

It was later that Tai, through his Malaysian lawyer, uncovered that Soh was Kumar’s “ultimate client”.

“I was extremely upset by what I had learnt because it seemed that [Soh] had been lying to me all this while and that he was the one actually orchestrating the Malaysian lawsuits against me,” Tai said.

Meanwhile, Soh had also not made good on his promise of underwriting the personal monies being withheld by IB.

Tai then spoke to others, who advised him it wasn’t worth being Soh’s fall guy.

After deliberating for a month, Tai decided to cooperate with CAD at the end of April 2015, and revealed the full extent of Soh and Quah’s involvement in the penny stock crash saga.