Oon Yun Cong sentenced for fraudulently inducing share trades under SFA

Oon faces 16 months’ imprisonment and a $12,105.70 fine.

Oon Yun Cong has been sentenced to 16 months imprisonment and fined $12,105.70 for fraudulently inducing others to deal in shares under the Securities and Futures Act (SFA).

Oon reportedly made false statements on 10 occasions in two Telegram chat groups to induce members of these groups to purchase shares in the securities he held between 30 April and 23 November 2020.

He overstated his target sell price for the securities and claimed that he had purchased shares in the securities when he had not. Oon pleaded guilty on 19 August.

In addition, Oon also conspired with Goh Jia Poh, Kenneth, to make similar false statements on six other occasions in the same Telegram chat groups to induce members to purchase shares in securities where they held shares.

Goh was a Grab driver and a day trader who met Oon whilst in National Service. He was sentenced to 19 months imprisonment and fined S$355,604 in December 2022.