Trial paints ugly picture of brokerage industry’s practices

SINGAPORE (May 3): With local brokerage firms already under siege from slumping commissions and waning investor interest, the ongoing trial of  John Soh Chee Wen and Quah Su-Ling in relation to the 2013 penny stock crash is unlikely to improve industry morale.

The three witnesses who have so far appeared in court are former OCBC Securities remisier Ng Kit Kiat, former RHB Securities remisier Alex Chew Keng Chiow and former Lim & Tan Securities remisier Andy Lee Chee Wee.

All three have admitted to not obtaining written authorisation from account owners for Soh and Quah to give trading instructions on their behalf.

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