STOCKS | Staff Reporter, Singapore

Man convicted for false trading Gaylin stocks

Wong Leon Keat was sentenced to eight weeks imprisonment.

A man was convicted of false trading and deceiving a brokerage firm whilst trading shares of Gaylin Holdings Limited.

Wong Leon Keat was sentenced to eight weeks of imprisonment and ordered to pay a fine of $30,000 for creating misleading appearances with respect to the price of Gaylin shares from November 2015 to October 2016, not disclosing his beneficial interest and deceiving UOB Kay Hian Private limited, and furnishing false information to a public officer during the investigation of his case.

From 2007 to 2017, Wong was a director of WLA Regnum Pte Ltd, where he advised corporate entities on initial public offerings on the Singapore stock exchange. Through UOBKH trading accounts, Wong misled individuals into buying Gaylin shares during its IPO process.

One UOBKH account holder agreed with Wong to each hold 50% beneficial interest in Gaylin shares. Wong did not disclose this to UOBKH, leading the company to believe that the other account holder was the sole beneficial owner.

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