SINGAPORE (Mar 20): Goh Hin Calm, the “treasurer” for 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su Ling, has been sentenced to serve three years in prison for aiding and abetting the duo in what is the largest-ever market manipulation case seen in Singapore.

Goh, who was interim CEO of IPCO International (now known as Renaissance United), pleaded guilty to two charges pertaining to his involvement in the scandal, which wiped out $8 billion in market value.

In delivering the sentence, Justice See Kee Oon said there is evidence of extensive losses at unprecedented levels, which has led to an adverse reaction and injured the confidence and reputation of the country.

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