Mr Oon Yun Cong was yesterday sentenced to 16 months’ imprisonment and fined $12,105.70 for fraudulently inducing others to deal in shares under the Securities and Futures Act (SFA).
2. Between 30 April and 23 November 2020, Mr Oon made false statements on 10 occasions in two Telegram chat groups
3. During this period, Mr Oon also conspired with his friend, Mr Goh Jia Poh, Kenneth
4. On 12 August 2024, Mr Oon pleaded guilty to and was convicted of two charges of making false statements to induce others to trade under section 200(1)(a) of the SFA. One other charge under section 200(1)(a) of the SFA was taken into consideration for the purpose of sentencing.
5. Mr Oon’s conviction was a result of a joint investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force. The investigations against Mr Oon arose from referrals by the Singapore Exchange Securities Trading Limited.
*****
_______________________________
[1] The Telegram chat groups were titled “SGX Penny Stocks Discussion” and “SGX-Trade with the Wind (TW2)”.
[2] On 19 December 2022, Mr Goh was convicted and sentenced for multiple offences under the SFA, including fraudulently inducing others to deal in shares in a Telegram chat group. Please refer to the media release on his conviction.
Additional Information
Section 200(1)(a) of the SFA
Under section 200(1)(a) of the SFA, no person shall, by making or publishing any statement, promise or forecast that he knows or ought reasonably to have known to be misleading, false or deceptive, induce or attempt to induce another person to deal in capital markets products.
