Soh, Quah performed unauthorised trades in nominee accounts: OCBC Securities remisier

OCBC Securities remisier Ng Kit Kiat testified on Wednesday that he took unauthorised trade orders from John Soh Chee Wen and Quah Su-Ling, who are now standing trial in the High Court over alleged manipulation of three penny stocks Blumont Group, Asiasons Capital and LionGold Corp, collectively known as BAL.

Mr Ng, the first prosecution witness to take the stand, took the court through how he became the broker of former Ipco International chief executive Quah. After that, she referred her mother, her subordinate Goh and LionGold's then-independent director Ng Su Ling to open accounts with Mr Ng at OCBC Securities.

Mr Ng took in orders said to be from the two accused for trading in BAL shares between Aug 1, 2012 and Oct 3, 2013.Mr Ng told the court that he started chasing Quah for outstanding contra losses in the cash accounts that she was said to have given trading instructions for. When he visited LionGold's office as told, Quah did not turn up as promised. Instead, Mr Ng met Soh.

Soh allegedly assured Mr Ng not to worry about the losses that stood at S$1.8 million at that time, and when Soh gave his contact numbers, Mr Ng said he could recognise them as those used by"Peter Chew".When Mr Ng talked to Quah over the unpaid losses later, she allegedly said that"towkay" had the money and would settle the losses.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Prosecutors outline case on first day of penny stock crash trialMalaysian businessman John Soh and his girlfriend Quah Su-Ling tapped family members, friends, associates and companies related to them and 'exploited contra trading to serve their nefarious ends', prosecutors outlined on the first day of the trial of Singapore's most serious case of...
Source: thenewpaper - 🏆 7. / 63 Read more »

Margin, contra trades 'fed vicious cycle of deception'JOHN Soh Chee Wen, the alleged mastermind behind the 2013 penny stock market-rigging, inflated the trading volume, liquidity and prices of three stocks so the shares could be used as collateral for financing, which would in turn be used to perpetuate the illusion of a bull run, the prosecution charged in its opening address on Monday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

OCBC Securities, trade reps moving up value chainWITH commissions for equity trades facing further cuts and interest in foreign equity markets on the rise, not only must stock brokers and remisiers move up the value chain, brokerages too must look beyond commissions and generate other income streams, said Dennis Hong, managing director of OCBC Securities Private Limited (OSPL). Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »