<p>【新加坡】上诉法院维持了下级法院的判决，驳回了新加坡 2013 年便士股票崩盘的共谋者 John Soh Chee Wen 和 Quah Su-Ling 减刑的申请，分别判处 36 年和 20 年的监禁。</p>
<p>在对新加坡历史上最长的市场操纵监禁判决中，高等法院考虑了该计划的规模和复杂性，以及其造成的严重伤害，该计划在 2013 年 10 月使近 80 亿新元的股市价值蒸发。</p>
<p>在经历了近四年、近 200 天的审判后，66 岁的 Soh 和 62 岁的 Quah 于 2022 年 12 月被判定共 349 项罪名成立，创下纪录，包括虚假交易、价格操纵、欺诈和诈骗。Soh 还因干扰证人被追加了八项指控。</p>
<p>这对二人于 2025 年 10 月未能成功上诉，推翻他们在 2022 年因操纵 Blumont Group、Asiasons Capital 和 Liongold Corp（统称为 BAL）股票而被判定有罪的判决，时间跨度为 2012 年 8 月至 2013 年 10 月。他们通过 20 家金融机构的 187 个账户进行交易，许多机构被误导，延长了对该计划的融资。</p>
<p>在驳回 Soh 和 Quah 减刑的上诉时，首席法官 Sundaresh Menon、法官 Tay Yong Kwang 和高级法官 Andrew Phang 于 3 月 18 日的判决中维持了高等法院法官 Hoo Sheau Peng 的判决，认为这些判决是合理的，符合以往案例的先例，并不明显过重。</p>
<p>检方由副检察官 Jiang Ke-Yue 主导，辩称 Soh 的律师、资深顾问 N Sreenivasan 引用的其他市场操纵案件，包括巴林银行的崩溃，均无法与 BAL 计划相提并论。</p>
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<p>在宣读判决时，首席法官 Menon 发现 Soh“精心协调了他的计划，以颠覆《证券和期货法》引入的目的，以规范市场活动和透明度，并损害了新加坡作为金融中心的声誉”。</p>
<p>法院还发现 “没有理由减轻” Quah 的 20 年刑期，指出她 “滥用了” 作为新加坡上市公司 IPCO International 前首席执行官的职务。</p>
<p>Quah，Soh 的前合作伙伴，曾 “严重依赖法官的观察，认为她是（Soh 的）助手”，即仅仅跟随指示，并未在阴谋中发挥关键作用。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>法院驳回 2013 年便士股票崩盘主谋 John Soh 及共谋者 Quah Su-Ling 的上诉</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>骗子名单：大规模白领犯罪者 – 付出了惨重代价</h3>
<p><img src="https://imageproxy.pbkrs.com/https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>检方寻求对便士股票崩盘主谋判处 40 年监禁，对前女友判处 19 年半监禁</h3>
<p>“但（Quah）对此论点的接受程度是有限的，尤其是她选择在审判期间不作证，” 法院表示。</p>
<p>检方表示 Quah 的角色远比她所声称的要大，且从一开始就参与了该计划，并监督交易操作等。</p>
<p>Quah 于 2025 年 10 月 17 日开始服刑 20 年，Soh 自 2016 年 11 月 25 日起被拘留，二人手铐相扣，身穿紫色囚服出庭。</p>
<p>至少有九名她的亲属和朋友，包括来自马来西亚的同学在公众席上，法院允许他们在 Quah 被监狱警卫带走前与她简短交谈。</p>
<p>Quah 的律师 N Sivananthan 还因在早期上诉程序中的 “不当行为” 被判支付给检方 10,000 新元的费用。</p>
<p>这包括指控审判法官对他的客户有偏见，在审判中表现出 “过度干预”，并在发现 Soh 有罪后推断 Quah 有罪。</p>
<p>法院发现 Sivananthan“行为不当”，“对法官提出毫无根据的指控，浪费了法院资源”。</p>
<p>虽然 Sivananthan 已向法院道歉并提交了正式道歉，但首席法官 Menon 认为这 “并不能免除他的不当行为”，但表示 “影响” 有所减轻，并且 “此事可以通过 10,000 新元的费用判决得到解决”。《海峡时报》</p>
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<p>新加坡上诉法院维持了 John Soh Chee Wen 和 Quah Su-Ling 的判刑，驳回了他们分别减刑 36 年和 20 年的申请。这一高等法院的裁决是新加坡市场操纵案件中最长的监禁刑期，考虑到了他们行为造成的巨大损害，导致近 80 亿新元的损失。法院认为没有理由减轻 Quah 的刑期，强调了她在该计划中的重要角色</p>

<p>[SINGAPORE] The Court of Appeal has upheld a lower court’s sentences and dismissed applications by John Soh Chee Wen and Quah Su-Ling, co-conspirators behind Singapore’s 2013 penny stock crash, to reduce their jail terms of 36 years and 20 years respectively.</p>
<div class="lb-trans"><p>【新加坡】上诉法院维持了下级法院的判决，驳回了新加坡 2013 年便士股票崩盘的共谋者 John Soh Chee Wen 和 Quah Su-Ling 减刑的申请，分别判处 36 年和 20 年的监禁。</p>
</div><p>In meting out the longest custodial sentence for market manipulation in Singapore’s history, the High Court took into account the scale and sophistication as well as the severity of the harm caused by a scheme that wiped out almost S$8 billion in stock market value in October 2013.</p>
<div class="lb-trans"><p>在对新加坡历史上最长的市场操纵监禁判决中，高等法院考虑了该计划的规模和复杂性，以及其造成的严重伤害，该计划在 2013 年 10 月使近 80 亿新元的股市价值蒸发。</p>
</div><p>In December 2022, after a trial that lasted nearly 200 days over nearly four years, Soh, 66, and Quah, 62, were convicted of a record 349 successful charges in total that included false trading, price manipulation, deception and cheating. Soh received an additional eight charges for witness tampering.</p>
<div class="lb-trans"><p>在经历了近四年、近 200 天的审判后，66 岁的 Soh 和 62 岁的 Quah 于 2022 年 12 月被判定共 349 项罪名成立，创下纪录，包括虚假交易、价格操纵、欺诈和诈骗。Soh 还因干扰证人被追加了八项指控。</p>
</div><p>The duo lost their appeal in October 2025 to overturn their 2022 convictions for manipulating the shares of Blumont Group, Asiasons Capital and Liongold Corp – collectively referred to as BAL – between August 2012 and October 2013. They had orchestrated trades through 187 accounts across 20 financial institutions, many of which had been misled into extending financing for the scheme.</p>
<div class="lb-trans"><p>这对二人于 2025 年 10 月未能成功上诉，推翻他们在 2022 年因操纵 Blumont Group、Asiasons Capital 和 Liongold Corp（统称为 BAL）股票而被判定有罪的判决，时间跨度为 2012 年 8 月至 2013 年 10 月。他们通过 20 家金融机构的 187 个账户进行交易，许多机构被误导，延长了对该计划的融资。</p>
</div><p>In rejecting Soh and Quah’s appeals to reduce their jail sentences, chief justice Sundaresh Menon, justice Tay Yong Kwang and senior judge Andrew Phang in a judgment delivered on Mar 18, upheld the sentences handed down by High Court Judge Hoo Sheau Peng, finding that these were reasonable, in line with precedents from previous cases and not manifestly excessive.</p>
<div class="lb-trans"><p>在驳回 Soh 和 Quah 减刑的上诉时，首席法官 Sundaresh Menon、法官 Tay Yong Kwang 和高级法官 Andrew Phang 于 3 月 18 日的判决中维持了高等法院法官 Hoo Sheau Peng 的判决，认为这些判决是合理的，符合以往案例的先例，并不明显过重。</p>
</div><p>The prosecution, led by Deputy Public Prosecutor Jiang Ke-Yue, had argued that none of the other market manipulation cases cited by Soh’s lawyer, Senior Counsel N Sreenivasan, including the collapse of Barings Bank, came close to the BAL scheme.</p>
<div class="lb-trans"><p>检方由副检察官 Jiang Ke-Yue 主导，辩称 Soh 的律师、资深顾问 N Sreenivasan 引用的其他市场操纵案件，包括巴林银行的崩溃，均无法与 BAL 计划相提并论。</p>
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</div><p>Delivering the judgment, CJ Menon found that Soh had “carefully coordinated his scheme to subvert the very purpose for which the Securities and Futures Act was introduced to regulate market activities and transparency, and harmed Singapore’s reputation as a financial centre”.</p>
<div class="lb-trans"><p>在宣读判决时，首席法官 Menon 发现 Soh“精心协调了他的计划，以颠覆《证券和期货法》引入的目的，以规范市场活动和透明度，并损害了新加坡作为金融中心的声誉”。</p>
</div><p>The court also found “no reason to reduce” Quah’s sentence of 20 years, noting that she had “abused her position” as the former chief executive of Singapore-listed IPCO International.</p>
<div class="lb-trans"><p>法院还发现 “没有理由减轻” Quah 的 20 年刑期，指出她 “滥用了” 作为新加坡上市公司 IPCO International 前首席执行官的职务。</p>
</div><p>Quah, Soh’s ex-partner, had “relied heavily on the judge’s observation that she was (Soh’s) Girl Friday assistant,” or one who simply followed instructions and did not play a key role in the conspiracy.</p>
<div class="lb-trans"><p>Quah，Soh 的前合作伙伴，曾 “严重依赖法官的观察，认为她是（Soh 的）助手”，即仅仅跟随指示，并未在阴谋中发挥关键作用。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f3d1f28890c4f135c38e166c667befbc659ed8152ee9ab263b04f487bc1a239a?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Court rejects appeal of 2013 penny stock crash mastermind John Soh and co-conspirator Quah Su-Ling</h3>
<div class="lb-trans"><h3>法院驳回 2013 年便士股票崩盘主谋 John Soh 及共谋者 Quah Su-Ling 的上诉</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/91b906ab311a98e5ca6de5202af8adc16b1cebdeb6e7089673c88661c4dd20f6?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Swindlers list: White-collar criminals who went big – and paid big</h3>
<div class="lb-trans"><h3>骗子名单：大规模白领犯罪者 – 付出了惨重代价</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/2391a222bf45de7bb4660608ccc6b26fef2b008e4fa1709eeb8b9b222ba01761?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Prosecutors seek 40-year jail sentence for penny stock crash mastermind, 19½ years for ex-girlfriend</h3>
<div class="lb-trans"><h3>检方寻求对便士股票崩盘主谋判处 40 年监禁，对前女友判处 19 年半监禁</h3>
</div><p>“But there is a limit that (Quah) can take this argument, especially since she elected not to give evidence during the trial,” the court said.</p>
<div class="lb-trans"><p>“但（Quah）对此论点的接受程度是有限的，尤其是她选择在审判期间不作证，” 法院表示。</p>
</div><p>The prosecution said Quah played a far larger role than she claimed, and was involved in the scheme from its inception and oversaw trading operations, among other things.</p>
<div class="lb-trans"><p>检方表示 Quah 的角色远比她所声称的要大，且从一开始就参与了该计划，并监督交易操作等。</p>
</div><p>Quah, who began serving her 20-year sentence on Oct 17, 2025, and Soh, who has been in remand since Nov 25, 2016, arrived in court handcuffed and dressed in a purple prison jumpsuits.</p>
<div class="lb-trans"><p>Quah 于 2025 年 10 月 17 日开始服刑 20 年，Soh 自 2016 年 11 月 25 日起被拘留，二人手铐相扣，身穿紫色囚服出庭。</p>
</div><p>At least nine of her relatives and friends including classmates from Malaysia were in the public gallery and were allowed by the court to speak briefly with her before she was taken away by the prison guards.</p>
<div class="lb-trans"><p>至少有九名她的亲属和朋友，包括来自马来西亚的同学在公众席上，法院允许他们在 Quah 被监狱警卫带走前与她简短交谈。</p>
</div><p>Quah’s lawyer N Sivananthan was also hit with a costs order of S$10,000 payable to the prosecution for “improper conduct” on his part during earlier appeal proceedings.</p>
<div class="lb-trans"><p>Quah 的律师 N Sivananthan 还因在早期上诉程序中的 “不当行为” 被判支付给检方 10,000 新元的费用。</p>
</div><p>This included alleging that the trial judge was biased against his client, had shown “excessive interference” in the trial, and had inferred guilt on Quah after finding Soh guilty of witness tampering.</p>
<div class="lb-trans"><p>这包括指控审判法官对他的客户有偏见，在审判中表现出 “过度干预”，并在发现 Soh 有罪后推断 Quah 有罪。</p>
</div><p>The court found that Sivananthan had “acted improperly”, “cast baseless aspersions against the judge and wasted court resources”.</p>
<div class="lb-trans"><p>法院发现 Sivananthan“行为不当”，“对法官提出毫无根据的指控，浪费了法院资源”。</p>
</div><p>While Sivananthan had apologised and tendered a formal apology to the court, CJ Menon found that it “doesn’t absolve him of misconduct”, but said the “sting” was somewhat reduced, and “the matter can be laid to rest” with the costs order of S$10,000. THE STRAITS TIMES</p>
<div class="lb-trans"><p>虽然 Sivananthan 已向法院道歉并提交了正式道歉，但首席法官 Menon 认为这 “并不能免除他的不当行为”，但表示 “影响” 有所减轻，并且 “此事可以通过 10,000 新元的费用判决得到解决”。《海峡时报》</p>
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便士股崩盘的主谋 John Soh 和 Quah Su-Ling 未能成功缩短刑期