Goh arranged for shares from a company called Skyone to be transferred to accounts belonging to the trio, to be pledged to the banks as collateral.
As a result of Goh's scheme, the banks were deceived into believing the account holders had effective control over the share financing facilities, and that the Skyone shares pledged were owned by them.On Oct 28, 2013, Skyone shares that opened at 46 cents fell drastically to 4.3 cents, prompting the banks to sell the shares pledged under the facilities, with $779,845 still owed to them.
On Goh's instructions, they used 15 trading accounts belonging to their family, friends and clients to buy and sell the shares for Goh's benefit and to push up and maintain the price of the shares. Goh used another 12 trading accounts from his family and friends to conduct trades for his own benefit.
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