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Grab Driver Makes S$365K By Rigging SGX Market & Tricking Buyers, Faces Jail & Fine

Grab Driver Faces Jail & Fine After Making S$365K By Rigging Singapore Exchange

When Grab drivers make the news, it’s usually due to a tragic accident or their admirable hardworking spirit.

For a Singaporean Grab driver, it was neither one, but rather multiple cases of rigging the Singapore Exchange (SGX) market.

Source: Google Maps

Over the course of more than two years, the man made S$365,000 from manipulating the market via multiple trading accounts and Telegram groups.

He is now facing at least 20 months’ jail and a fine of S$355,604.

Grab driver rigged Singapore Exchange market 402 times

34-year-old Kenneth Goh Jia Poh’s rigging activities were uncovered when SGX raised a number of suspicious trading activities to the Monetary Authority of Singapore (MAS).

Source: Google Maps

According to Channel NewsAsia (CNA), Goh was found to have rigged the market on 402 occasions across 126 different securities.

The illegal trades took place between 2016 and 2018 and were conducted jointly with 33-year-old Oon Yun Cong.

The men had met while serving National Service (NS) together, and even co-authored a blog on trading in Singapore-listed stocks.

The first of Goh’s charges came in April 2021, when he was charged by MAS for false trading and unauthorised use of trading accounts under the Securities and Futures Act.

He had apparently used seven trading accounts in total to make the trades, with four of them belonging to his retiree parents.

 

While his parents were aware that Goh was using their accounts, they were allegedly in the dark about what he used them for.

Grab driver drove up shares’ prices for profit via Telegram groups

Besides the Apr 2021 charge, Goh was also charged in February this year for fraudulently inducing others to deal in shares.

Between Jul and Aug 2020, he was found to have made false statements to manipulate others into trading in multiple securities.

Goh and Oon were part of two Telegram groups named ‘SGX Penny Stocks Discussion’ and ‘Trade with the Wind’ respectively.

Source: Adem AY on Unsplash

Nicknamed the ‘Spotter’, Goh gained influence for his ‘ability’ to spot stocks with prices that were likely to rise.

With this, he could promote certain securities to fellow chat group members, which would induce them into buying the securities.

He also misled them into thinking that a security was in demand, thus making them buy more and driving up the share prices.

From this, Goh was then able to sell his stake in said securities for a profit.

Working hand-in-hand, Goh would sometimes enlist Oon’s help to back up these false statements in the chat group.

Grab driver spent most of profits on condominium & car

As Goh had access to his parents’ trading accounts, he kept his profits in the same place.

He spent most of the S$365,000 on a condominium as well as a downpayment for a car, reported CNA.

During a court hearing today (18 Nov), Goh pleaded guilty to four charges, with another four charges still being considered.

Investigations on Oon are still underway.

Goh will return to court in December for the official sentencing.

The prosecution has sought at least 20 months’ jail and a fine of S$355,604 for him.

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Google Maps.

Rachel Fong

Rachel prides herself on having a meme or GIF response to everything. She also loves collecting Telegram sticker packs.

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