Man sentenced for false trading in KTL shares

Tan Boon Hai bought and sold shares using false accounts.

Singaporean police sentenced a man for conspiring to conduct trading in the shares of KTL Global Limited using false accounts without the authorisation of the brokerage firm and receiving stolen property.

Authorities charged Tang Boon Hai, who placed orders and traded in KTL shares using fourteen trading accounts—one authorised to him and thirteen under the names of four other persons. 

Tang bought 122.76 million shares and sold 120.67 million from 4 November 2014 to 8 September 2015. More than 70 million of these were bought and sold between trading accounts controlled by him.

On 20 May 2015, Tang dishonestly received $999,980 from a trading account held by Infinity Global Consultancy Pte Ltd, where he was the sole director and shareholder, and used part of it as funding for his false trading in KTL shares.

Tang pleaded guilty to offense charges under the Securities and Futures Act and the Penal Code on 20 March. The court sentenced the accused to thirty years in prison.