Singapore convicts two linked to $6 billion penny-stock crash


  • World
  • Friday, 06 May 2022

SINGAPORE (Reuters) - Singapore's high court has convicted two people over what authorities consider to be the largest market manipulation case in the city-state, a joint statement by the Singapore police and Monetary Authority of Singapore said on Thursday.

For almost a decade, Singapore authorities have been investigating suspected trading irregularities tied to a so-called penny-stock crash in late 2013 that wiped out around S$8 billion ($5.78 billion) from the value of three companies within the space of a few days.

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