Enforcement Actions Media Releases
Published Date: 13 July 2023

Four Individuals Sentenced to Imprisonment for False Trading and Deceit under the Securities and Futures Act

Singapore, 13 July 2023… Mr Ang Wei Jie Simon, Ms Koh Cheo Leng, Mr Lin Eng Jue and Mr Chong Yew Mun Alan were convicted and sentenced to imprisonment for false trading in the shares of Catalist-listed Koyo International Limited (Koyo), and for deceiving several brokerage firms through the unauthorised use of trading accounts. 

2 The four individuals are the last of eight persons (scheme members) convicted by the court for their involvement in a scheme to carry out trades for the purpose of creating a false appearance with respect to the price of Koyo shares.Please refer to the earlier media releases on charging of the eight individuals here , and prohibition orders issued to four other individuals following their convictions here . Between August 2014 and January 2016, Mr Lin, together with seven other scheme members, obtained control of 53 trading accounts opened in the name of 15 individuals, to buy and sell Koyo shares at progressively higher prices. They did so with the aim of attracting a buyer to acquire the company via a reverse takeover.

3 During this period, the Koyo share price rose from a low of $0.16 on 12 August 2014 to a high of $0.40 on 14 January 2016. It plummeted to $0.056 on 18 January 2016, after the Singapore Exchange Securities Trading Limited (SGX-ST) issued a “Trade with Caution” alert in view of the unusual trading activities, and trading curbs were imposed by several brokerages. Following the crash, account holders suffered losses of approximately $3.28 million, of which $1.05 million were borne by the brokerages and remisiers. 

4 The four individuals had pleaded guilty to their charges and were sentenced as follows:

  • Mr Ang Wei Jie Simon, 13 months’ imprisonment
  • Ms Koh Cheo Leng, 19 weeks’ imprisonment
  • Mr Lin Eng Jue, 42 months’ imprisonment
  • Mr Chong Yew Mun Alan, 11 weeks’ imprisonment 

5 With the conclusion of the criminal proceedings against these four individuals, all eight persons have been convicted for their involvement in the market-rigging scheme. Please refer to the Annex (176.5 KB) for details of their respective convictions.

6 Their convictions were a result of a joint investigation conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force, following a referral by SGX-ST. 

7 Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “The convicted individuals executed a sophisticated market-rigging scheme that resulted in severe market distortion over a prolonged period and significant losses to market participants. MAS will act firmly against such egregious misconduct to preserve the integrity of our capital markets.”