These quick-fire deals involved small trades that were placed and cancelled within seconds to spoof the market prices in the trading system.
Oh repeated the ruse 215 times between August 2020 and March 2021, resulting in $255,385 in illicit gains.
On Oct 28, Oh, a 46-year-old Singaporean, was sentenced by District Judge Christopher Goh Eng Chiang to nine months in jail in the biggest case of stock market price spoofing detected in SGX.
From 2005 to 2009, Oh worked as a dealer at brokerages UOB Kay Hian, Credit Suisse Securities (Singapore) and Citigroup Global Markets Singapore Securities where he honed his stock market trading skills.
He was also a web developer and had been unemployed since 2018.
He hatched his plan to manipulate SGX stock prices some time before August 2020.
To do so, he set up two accounts: a trading account with OCBC Securities to trade shares on SGX and a trading account with brokerage IG Asia that offers, among its specialist products, the trading of contracts for differences (CFD).
In CFD trading, a person can trade on the price movements of shares without actually buying or selling them. It was the main tool in Oh's deception.
Court papers described how Oh manipulated or spoofed the prices of shares in a series of methodical moves that he took just seconds to execute each time.
To lower the price of a counter, he would first use his OCBC account to sell small quantities of 100 to 200 shares at prices below what buyers were offering to pay.
Bu hikaye The Straits Times dergisinin November 02, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin November 02, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
M2M to reunite for Singapore concert
It has been 22 years since they went away, but Norwegian pop duo M2M are back and coming to Singapore.
Industry sources say the author also wrote BTS memoir
Hybe's document on K-pop industry trends
Paddington Bear's 'high jinks' are back in third movie
LONDON - Paddington is back and he has lost none of his \"charm\" and \"high jinks\", according to English actor Hugh Bonneville, who again guides the trouble-prone bear through the third film in the hit series that saw its premiere on Nov 3.
Quincy Jones left indelible imprints on jazz, pop and hip-hop
LOS ANGELES - Quincy Jones, a major influence on American music in his work with artists ranging from Count Basie to Frank Sinatra and who then reshaped pop music by collaborating with Michael Jackson, died on Nov 3 at the age of 91.
Young Chinese pianist brings wealth of emotion
There are so many young Chinese pianists plying their art these days that it is easy to reduce them to Lang Lang, Yuja Wang, Li Yundi and the rest.
White faces, open mouths
Avant-garde Japanese dance butoh finds foothold in Singapore
Seeking sleep at Hoshinoya Tokyo
TOKYO In December 2023, I check into Hoshinoya Tokyo for a sleep retreat.
Explore the bustling Ginza and Marunouchi districts in Tokyo
Ginza, located near Tokyo Station, is one of the city's busiest high-end shopping districts.
Pastoral and scenic views at JW Marriott Jeju Resort & Spa
JEJU - The island bursts with juicy tangerines, and is where women well into their 80s free dive for seafood against a backdrop of dormant volcanoes and tea estates.
Connecting with the city's past at The Murray Hong Kong
Although brand-new hotels pop up all the time, restored heritage buildings-turned-hotels have an allure of their own.
