Busted: Singapore charges 3 people linked to SGX fraud

One is a bankrupt Malaysian businessman.

Singapore authorities charged three people for their alleged role in the city-state's largest market manipulation case - a penny stocks crash in 2013 - that wiped out billions of dollars in the share prices of three local companies in a few days.

Soh Chee Wen, known as John Soh, and Quah Su-Ling were charged for orchestrating a "massive fraud" to manipulate the market in shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd between August 2012 and October 2013, Singapore's Attorney-General's Chambers, the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) said in a joint statement.

Soh is a bankrupt Malaysian businessman, while Quah was the chief executive of IPCO International when the offence took place, the statement from the authorities said.

Read more here from Reuters.