International
Man fined for posting fake investor note
SINGAPORE--The ex-securities dealer who posted a fraudulent news release on the Internet that said Singapore Exchange-listed Venture Manufacturing was being taken over was fined nearly $44,000.Kenneth Chan Yen Yau had doctored an earlier news release by U.
SINGAPORE--The ex-securities dealer who posted a fraudulent news release on the Internet that said Singapore Exchange-listed Venture Manufacturing was being taken over was fined nearly $44,000.
Kenneth Chan Yen Yau had doctored an earlier news release by U.S.-based Celestica, saying it was taking over Venture, a locally based contract manufacturer. This came after Celestica's earlier purchase of Omni Industries, another local contract manufacturer.
The fake announcement sent Venture's price up 33 cents to $6.84, more than a 5 percent increase from the previous day's close. Venture informed ShareInvestor of the false posting and it was taken down about 30 minutes after it was originally posted. --Susan Tsang, Special to ZDNet News