SINGAPORE: A Malaysian businessman convicted of masterminding a stock scam that wiped US$5.8 billion off Singapore's exchange was sentenced on Wednesday to 36 years in jail by a court in the city-state, reports AFP.
John Soh Chee Wen orchestrated the scheme, according to court documents, and his accomplice, Singaporean Quah Su-Ling, was also given a 20-year jail term.
Armed with a good understanding of the securities and financial markets, and tapping on their extensive connections and networks, they boldly exploited the system, she said during sentencing.
Immense harm was caused by the stock market crash, she added.
Prosecutors called it the most serious case of stock market manipulation in Singapore, a global financial centre.
They detailed how the accused planned a complex and elaborate fraud to manipulate the share prices of Blumont Group, Asiasons Capital and LionGold Corp.
Soh and Quah used the shares as collateral, convincing several banks -- including Goldman Sachs -- to extend more than 170 million Singapore dollars ($123 million) in credit to finance their scheme.
On October 4 that year, however, prices crashed, wiping an estimated Sg$8 billion from the Singapore Exchange.
Singapore authorities say the incident dented investor confidence and directly affected trading volumes in 2014.
Soh was convicted on 180 out of 188 charges and Quah on 169 of 177 charges. They plan to file an appeal, according to court documents.