新加坡最大市场操纵案宣判,法院判处两名主谋36及20年监禁

Singapore court upheld the sentences of 36 and 20 years’ imprisonment to the masterminds behind the country’s largest stock market manipulation

重点词汇：

· market manipulation

市场操纵· deception

欺诈

On 9 April 2026, the Attorney-General’s Chambers, Singapore Police Force and Monetary Authority of Singapore issued a joint statement, announcing the Court of Appeal’s(CA) decision on upholding the sentences of 36 and 20 years’ imprisonment meted out to Mr S and Ms Q respectively for orchestrating an elaborate scheme to manipulate the shares of 3 SGX-listed companies (collectively, “Listcos”), the largest market manipulation case in Singapore’s history.

2026年4月9日，新加坡总检察署、警察部队和金融管理局发布联合声明，宣布新加坡上诉法院已就该国史上涉案规模最大的市场操纵案作出裁定，维持对S先生及Q女士分别判处36、20年监禁的判决。二人因精心策划实施针对三家新加坡交易所上市公司股票（以下合称“上市公司”）的市场操纵行为而获刑。

The CA affirmed the High Court’s findings that the duo, between 1 August 2012 and 3 October 2013, masterminded the scheme to artificially inflate the market and manipulate the prices of Listcos by controlling, coordinating their use of, obtaining financing for, and conducting illegitimate trading activity using an extensive web of 189 trading accounts held with 20 financial institutions in the names of 60 individuals and companies.

上诉法院确认高等法院已查明的事实。2012年8月1日至2013年10月3日，二人主导策划市场操纵计划，通过搭建庞大账户网络操控三家上市公司的股价。该账户网络涉及在20家金融机构以60名个人或企业名义开立的189个交易账户，二人对上述账户实施控制、协调使用、获取融资，并利用账户开展违规交易活动。

The scheme involved over 7 billion trades and caused a loss in market capitalisation of around S$7.8 billion. As a result of the scheme, the prices of Listcos shares had been artificially inflated and when this could no longer be maintained, the prices fell sharply on 4 and 7 October 2013.

该操纵计划共涉及逾70亿笔交易，造成了约78亿新币的市值损失。受该计划的影响，3家上市公司的股价被人为推高，并在股价无法维持后于2013年10月4日及7日出现大幅暴跌。

The CA further found that the duo had practised a deception on 2 financial institutions, by representing to them that the shares of the three Listcos were legitimate collateral for margin financing, despite knowing that the shares were the subject of manipulative trading practices. Through 6 accounts, the two cheated these two financial institutions of more than S$820 million in margin financing.

上诉法院进一步查明，二人还对两家金融机构实施欺诈行为，在明知相关股票系市场操纵行为标的的情况下，仍向金融机构声称该三只股票是作为保证金融资的合法担保品。通过6个账户，二人向两家金融机构违规获取保证金融资逾8.2亿新币。

Describing Mr S’s actions as having “caused very significant harm to the market and its stakeholders”, and having “severely harmed Singapore’s reputation as a financial hub”, the CA found that Mr S had carefully orchestrated the manipulative scheme to subvert the very purpose of the Securities and Futures Act, which is to regulate market activities and to ensure transparent dealing in the market.

上诉法院表示，S先生的行为对证券市场及市场参与者造成了极大损害，且严重损害了新加坡作为金融中心的声誉。上诉法院认为，S先生精心策划了此次市场操纵计划，违背了新加坡《证券期货法》规范市场活动、保障市场交易透明的宗旨。