Ex-dealer who made $255k from illegally manipulating prices of SGX stocks gets 9 months’ jail

Quick Summary:

It is the biggest reported case of stock market price spoofing detected in SGX.

As a final step, he could cancel the buy order in his OCBC account as he had no intention of completing it.“The accused was well aware that he would be profiting at the expense of IG Asia by manipulating the CFD pricing mechanism.

He would then switch to his IG Asia account and sell the CFD back to IG Asia at a higher price than what he bought just seconds earlier, pocketing the price difference as profit.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Singapore Months Market Prices Price Account Trades Trading Asia Securities Ocbc

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 12:50:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1017 words

Reading Time: 6 minutes read

Sentences: 42 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 23360549

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About The Straits Times

Main Topics: EconomyBusiness

Official Website: straitstimes.com

Update Frequency: 18 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 4 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #25

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