2013 penny stock crash

Prosecution witness Ken Tai earned $8,588 worth of commissions in a day from 'churning' LionGold shares, defence counsel claims

SINGAPORE (Jan 17): Prosecution witness Ken Tai Chee Ming on Friday admitted that he had raked in thousands of dollars’ worth of commissions in a single day from the trading of shares in LionGold Corp.

This revelation comes despite Tai having repeatedly denied during the trial that he had made unauthorised trades to rake in more commissions for himself.

Tai was once part of the “inner circle” of brokers and remisiers used by John Soh Chee Wen and Quah Su-Ling to allegedly manipulate shares in LionGold, Blumont Group and Asiasons Capital (now Attilan Group).

Witness Ken Tai claims to have left queues in the system not for own benefit but to prevent 'haunted counters'

SINGAPORE (Jan 16): Prosecution witness Ken Tai Chee Ming has again denied making unauthorised trades as a market operator for shares in LionGold Corp in order to churn commission for himself.

The former broker was once part of the “inner circle” of brokers and remisiers used by John Soh Chee Wen and Quah Su-Ling to allegedly manipulate shares in LionGold, Blumont Group and Asiasons Capital (now Attilan Group).

The massive rise and sudden collapse of the shares in October 2013 had wiped out some $8 billion in market value.

Prosecution witness Ken Tai admits to using omnibus accounts to hide illegal 'wash trades'

SINGAPORE (Jan 10): Prosecution witness Ken Tai Chee Ming has admitted to using omnibus accounts to prevent authorities from detecting his illegal “wash trading” activities.

Further, Tai revealed that he had engaged in this practice even though John Soh Chee Wen and Quah Su-Ling – the alleged masterminds behind the 2013 penny stock crash, whom Tai was supposedly taking instructions from – had specifically ordered him to avoid wash trades.

Counsels clash over possible impeachment of former abettor-turned-prosecution witness Ken Tai

SINGAPORE (Jan 9): The defence counsels of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling on Thursday crossed swords with state prosecutors over the potential impeachment of witness Ken Tai Chee Ming.

Tai is a key substantive prosecution witness as he was once part of the “inner circle” of brokers and remisiers allegedly used by Soh and Quah to manipulate the market.

Earlier in the trial, Tai had admitted to coordinating trades with Henry Tjoa, another member of the inner circle, behind Soh’s back.

Prosecution witness Ken Tai concedes alleged mastermind John Soh did not tell him to 'lie to' or 'mislead' authorities

SINGAPORE (Jan 8): Prosecution witness Ken Tai Chee Ming conceded in court on Wednesday that John Soh Chee Wen, the alleged mastermind behind the 2013 penny stock crash, did not explicitly tell him to lie to the Commercial Affairs Department.

According to Tai, he had gone with Husein Tjoa to see Soh, when they heard that CAD had launched an investigation into the stock market crash of Oct 4, 2013.

Tai had earlier claimed in his conditioned statement that Soh had told him to “sing to the tune”.

Prosecution witness Ken Tai denies making unauthorised trades to churn commission

SINGAPORE (Jan 7): Prosecution witness Ken Tai Chee Ming on Tuesday denied making unauthorised trades when alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling were away in order to rake in more commissions for himself.

Under cross-examination by Soh’s defence counsel, senior counsel N Sreenivasan of K&L Straits Law, Tai flatly dismissed the allegations.

“If I am churning, if I’m creating, I will admit to that,” Tai said.

John Soh threatened to 'run down' integrity of witnesses, claims former abettor Ken Tai

SINGAPORE (Jan 3): John Soh Chee Wen, the alleged mastermind behind the 2013 penny stock crash, had threatened to “run down the integrity” of witnesses, former abettor-turned-prosecution witness Ken Tai Chee Ming told the court on Friday.

Under cross-examination by Soh’s defence counsel N Sreenivasan of K&L Straits Law, Tai disclosed that he did not reveal the involvement of Dick Gwee in the market manipulation to the Commercial Affairs Department (CAD) until 2017 because he wanted to be “fair to John, [Quah] Su-Ling and Dick”.

Witness Ken Tai admits to cheating alleged masterminds, making millions of dollars in market manipulation scheme

SINGAPORE (Jan 2): Returning to the stand for the third tranche of the trial of alleged 2013 penny stock crash masterminds John Soh Chee Wen and Quah Su-Ling, prosecution witness Ken Tai Chee Ming on Thursday again admitted to cheating the duo and making millions of dollars for himself.

Once part of Soh’s “inner circle” of brokers and remisiers, Tai had already admitted to manipulation of the stock market for his own gain in the second tranche of the trial in October last year.

Penny stock-linked Magnus Energy's past transactions under spotlight as dissenting minorities call for EGM

SINGAPORE (Nov 25): A group of minority shareholders of Magnus Energy shot down all the resolutions put forward at the recent annual general meeting on Oct 30. They ousted three of the directors and blocked the reappointment of the external auditor as well as the mandate to issue shares to raise funds or pay director's fees.

Second tranche ends in stir with 'pregnancy plot', hostile witness

SINGAPORE (Nov 4): The second tranche of hearings in the trial of John Soh Chee Wen and Quah Su-Ling ended with a bang last week as the court heard details of a pregnancy plot and also saw its first hostile prosecution witness.

Soh and Quah are the alleged masterminds behind the massive rise and collapse of shares in Blumont Group, LionGold Corp and Asiasons Capital (now Attilan Group), which wiped out some $8 billion in market value in 2013.

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