PENNY STOCKS SAGA: Margin, contra trades 'fed vicious cycle of deception'
John Soh Chee Wen, the alleged mastermind behind the 2013 penny stock market-rigging, inflated the trading volume, liquidity and prices of three stocks so the shares could be used as collateral for financing, which would in turn be used to perpetuate the illusion of a bull run, the prosecution charged in its opening address on Monday.
DCP Koy said:"The appearance as to the market and price for BAL shares that was created by the accused persons was so utterly false that when the music eventually stopped and the bubble burst on Oct 4, 2013, the share prices of all three companies collapsed, each falling spectacularly by between 82 per cent and 94 per cent in just two days.
As for the cash accounts, trades were executed on contra, that is, trades are reversed - and profits and losses realised - before they have to be settled. The dates in the earlier set of data were found to be erroneous due to a"technical refresh" in the computer. The Senior Counsel disclosed that the defence would need to spend an additional US$25,000 to have the revised data analysed.
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