SINGAPORE: In a stunning turn of events, a key player in one of Singapore's most notorious market manipulation cases was sentenced on October 9, receiving a 16-month prison term along with a fine exceeding S$12,000.

Oon Yun Cong, aged 35, who had previously pleaded guilty to serious charges under the Securities and Futures Act, showcased a troubling trend in the financial landscape of the nation.

According to the Monetary Authority of Singapore (MAS), Oon engaged in deceptive practices that involved manipulating the stock market over 400 times across an astonishing 126 distinct securities.

His fraudulent activities, which occurred between April 30 and November 23, 2020, included making false claims in two active Telegram chat groups, where he tried to convince other members to invest in shares he falsely represented.

Oon misled potential investors by exaggerating his targeted sell prices and falsely asserting that he personally purchased shares in the companies when, in fact, he hadn't.

This deceit was not carried out in isolation; Oon acted alongside his accomplice, Kenneth Goh Jia Poh, aged 37.

Upon investigating, authorities found that Goh had also manipulated the market by making misleading statements in the same chat groups to induce others to buy shares they both owned.

Previously, Goh had been convicted in December 2022 on similar charges, receiving a harsher sentence of 19 months in jail and a substantial fine of S$355,604.

Reports indicated that Goh, who was driving for Grab to make a living, amassed a staggering S$365,000 in profits by engaging in illegal market activities.

The extent of this case highlights serious vulnerabilities within the trading system and emphasizes the ongoing scrutiny of trading practices in Singapore's financial arena.

The joint investigation undertaken by MAS and the Commercial Affairs Department of the Singapore Police Force reveals a commitment to upholding market integrity.

This sentence serves as a stark reminder: manipulation will not be tolerated, and the consequences can be severe.

As the financial world watches, will this shake-up deter potential fraudsters from engaging in market manipulation? Only time will tell.

Stay tuned for updates on the ongoing efforts by authorities to clean up the trading environment in Singapore!