Goh Kim San, 69, also known as Melvin in court documents, pleaded guilty to three charges of false trading on Wednesday. Another 16 charges under the Securities and Futures Act were taken into consideration during sentencing, according to The Singapore Police Force.

Goh was the CEO and executive chairman of EuroSports, which was listed on the Singapore Exchange’s Catalist board, when the offences took place between 2015 and 2018.

He founded EuroSports in 1988. The company primarily distributes luxury automobiles and provides related after-sales services. It is the authorized dealer for Lamborghini cars in Singapore and Indonesia.

Goh Kim San (center), CEO of luxury car distributor EuroSports Global. Photo via Facebook/EuroSports Global

From 2014 to 2021, Goh traded EuroSports shares through three personal accounts held with various brokerage firms, as well as the trading accounts of three nominees, Kan Chee Gin, Fong Chee Yan and Leo Chun Kong.

Deputy Public Prosecutors Magdalene Huang and Wong Shiau Yin said Goh disliked the lack of activity in EuroSports’ share counter, comparing it to a flatline in an intensive care unit.

He decided to trade in the company’s shares to create "blips" on the price chart and give the appearance of trading activity, according to Channel News Asia.

Goh placed buy and sell orders for EuroSports shares through his own accounts and those belonging to the nominees on 42 occasions over 22 trading days. The nominees consented to the use of their accounts.

The prosecutors said Kan, a former sales manager at Euro Automobile, a EuroSports subsidiary, Fong, a longtime friend of Goh, and Leo, a former EuroSports customer and friend of Goh, did not receive any financial benefit for allowing him to use their trading accounts. Goh was eventually arrested in December 2021.

Referring to his motivation to avoid a "flatline," the prosecutors said: "While the apparent motivation behind these offences may appear trivial, a clear and firm message must be sent to would-be or like-minded offenders: the securities market is not a playground to be exploited at will," according to The Straits Times.

Goh’s defence lawyers, Melanie Ho, Tang Shangwei and Neo Yi Ling of WongPartnership, asked the court to impose a SGD180,000 fine, pointing out that there was no evidence of losses suffered by investors.

They said the trades resulted in minimal price movements, adding that the lack of sophistication, profit, price ramping and any transnational or syndicate element indicated that the case fell at the lower end of the sentencing spectrum.

"These proceedings have been hanging over Goh’s head for approximately four years since investigations commenced," his lawyers said.

"The investigations and subsequent charges have taken a significant emotional and psychological toll on him. The negative publicity has also affected the company’s relationships with its investors and counterparties."