Convictions and Sentences Upheld for Masterminds Behind Singapore’s Largest Stock Market Manipulation

On 18 March 2026, the Court of Appeal (CA) upheld the convictions and prison sentences for Mr Soh Chee Wen (also known as John Soh) and Ms Quah Su-Ling, who were found guilty of orchestrating Singapore's largest stock market manipulation scheme. The duo faced 180 and 169 charges respectively in the High Court trial.

The CA dismissed their appeals against conviction in October 2025 and upheld these decisions on 18 March 2026. Mr Soh received a 36-year sentence, while Ms Quah was sentenced to 20 years.

The court affirmed that the pair masterminded an elaborate scheme to artificially inflate share prices for Blumont Group Ltd, Asiasons Capital Ltd, and LionGold Corp Ltd using a web of 187 trading accounts. They also deceived Goldman Sachs International and Interactive Brokers LLC by falsely representing these shares as legitimate collateral for margin financing, despite knowing they were part of the manipulative scheme.

In dismissing Mr Soh's appeal against his sentence, the CA rejected his claim that the October 2013 crash was beyond his control. The court described his actions as causing significant harm to the market and stakeholders, and severely damaging Singapore's reputation as a financial hub. It found he deliberately subverted the purpose of the Securities and Futures Act.

Regarding Ms Quah, the CA acknowledged her lower culpability compared to Mr Soh but noted that sufficient weight had already been given in her sentencing by the High Court.

Capital market abuse strikes at the core of Singapore's financial integrity. The authorities maintain a strict stance against such activities to safeguard Singapore's reputation as a safe and stable financial hub.