Former No Signboard CEO fined $420k for false trading
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Forty-seven-year-old Lim Yong Sim, the former executive chairman and CEO of No Signboard, was convicted and sentenced to a fine of $420,000 after pleading guilty to three charges of false trading. He admitted that between June 19 and 29, 2018, he bought 4,Former No Signboard CEO fined $420k for false trading
Forty-seven-year-old Lim Yong Sim, the former executive chairman and CEO of No Signboard, was convicted and sentenced to a fine of $420,000 after pleading guilty to three charges of false trading. He admitted that between June 19 and 29, 2018, he bought 4,331,200 No Signboard shares using the trading account of Gugong to falsely push up the price of the shares. Lim, who was at the time the director and majority shareholder of Gugong, a majority shareholder of No Signboard, was under pressure from shareholders due to the company's declining share price. As a result of the false trades, No Signboard share price rose by 27 per cent from $0.154 to $0.196, against the backdrop of a decline of 1.69 per cent in the Straits Times Index during the same period. On Nov 29, 2018, No Signboard, in announcing its financial results, revealed that the company registered a loss — causing No Signboard share price to dip to to $0.137. Lim began trading in No Signboard shares again, buying a total of 3,535,100 shares between Nov 30, 2018, and Jan 11, 2019, using Gugong's trading account. Read more