Five Malaysians are now wanted by the United States (US) authorities after being accused of being involved in a stock fraud scheme worth up to RM950 million!
This ‘pump-and-dump’ scandal is alleged to have shaken the US stock market, where they are said to have falsely inflated the price of shares before selling them to make huge profits.
The accused, Lim Xiang Jie, Ko Sen Chai, King Sung Wong, Siong Wee Vun, and Kok Wah Wong along with two Taiwanese nationals are alleged to have manipulated the shares of China Liberal Education Holdings.
The scheme also involved individuals in China posing as US investment advisors to trick investors into buying the shares.
The proceeds of the fraud, around $214 million, have been seized by US authorities, while arrest warrants have been issued for all suspects who are still at large.
If convicted, they face up to 25 years in prison for each count of securities fraud and 20 years for online fraud.
With a sum of this magnitude, this case is not just an ordinary crime.
Will it test the diplomatic relations between Malaysia and the United States?
