The Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force are going to extend their Joint Investigations Arrangement to cover all offences under the Securities and Futures Act and the Financial Advisors Act. More cases are expected as a result.

The arrangement began in March 2015, when both agencies collaborated to investigate market misconduct offences under Part XII Securities and Futures Act. To-date, three people have been convicted as a result.  Several other cases are also before the courts, stemming from the alleged manipulation of shares in Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd.

One of the convicts was Mok Piak Liang, who was sentenced to four months’ imprisonment on 19 January. Between 2014 and 1017 he purchased shares of Wilton Resources Corporation Ltd at the close of trading hours on 13 separate trading days to alter the closing price of that company's shares. The purchases artificially pushed up the price between 5.9% and 22.8%, also setting the closing price all 13 days. Mok was found guilty of false trading under s197(1)(b) Securities and Futures Act.