Singapore’s $8 Billion Market Manipulation: How 187 Trading Accounts Generated Massive Profits Before the Crash

How contra trading and wash trading mechanics created artificial demand — until Goldman Sachs margin calls triggered the collapse

Sep 11, 2025

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Executive Summary

Between August 2012 and October 2013, Malaysian businessman John Soh and his partner Quah Su-Ling orchestrated Singapore’s most sophisticated market manipulation scheme, artificially inflating three penny stocks before losing S$8 billion in market value during a spectacular two-day crash. The scheme’s technical mechanics — contra tradin…

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