Oon Yun Cong has been sentenced to 16 months’ imprisonment for fraudulently inducing others to trade in shares. He has also been slapped with a $12,105.70 fine. Oon had pleaded guilty to and was convicted of two charges under section 200(1)(a) of the Securities and Futures Act (SFA).
Oon reportedly made false statements on 10 occasions between April 30, 2020, and Nov 23, 2020. The statements were made in two Telegram chat groups, SGX Penny Stocks Discussion and SGX-Trade with the Wind (TW2), to get the groups’ members to purchase shares in securities held by him. In his statements, Oon had overstated his target sell price for the securities and claiming he had purchased shares in these companies when he had not.
During the same period, Oon conspired with his friend, Goh Jia Poh, Kenneth, to make similar false statements on six other occasions in the same Telegram chat groups.
Goh was convicted and sentenced for multiple offences under the SFA on Dec 19, 2022. At the time of the offences, Goh was a Grab driver and a day trader. He met Oon while serving his national service.
The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force (SPF) commenced investigations into Oon after referrals from the Singapore Exchange S68 Securities Trading Limited (SGX-ST).
