Home Issues 2013 Penny Stock Crash

Banks, brokerages incurred over $350 million in losses from penny stock crash

Chan Chao Peh
Chan Chao Peh3/20/2019 06:03 PM GMT+08  • 3 min read
Banks, brokerages incurred over $350 million in losses from penny stock crash
SINGAPORE (Mar 20): Banks, brokerages and other financial institutions suffered a total of more than $350 million in unpaid losses in the wake of the October 2013 crash of Blumont Group, LionGold Corp and Asiasons Capital (now known as Attilan Group), acc
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Mar 20): Banks, brokerages and other financial institutions suffered a total of more than $350 million in unpaid losses in the wake of the October 2013 crash of Blumont Group, LionGold Corp and Asiasons Capital (now known as Attilan Group), according to prosecutors.

Goh Hin Calm, one of the three facing trial for the saga, had pleaded guilty to two charges of creating a false market appearance for shares. He faced six charges, and was eventually sentenced to three years’ imprisonment.

As the former interim CEO of IPCO International, Goh had been described as the “treasurer” for the whole operation masterminded by John Soh and Quah Su-Ling.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.