Landmark penalty for market manipulator

Malaysia's High Court yesterday dismissed an appeal against a RM3 million ($930,000) fine and two-year jail term, setting “a new benchmark for imprisonment of market manipulators”, says the securities regulator. The Sessions Court had previously meted out the penalties to Philip Wong on his conviction under section 84(1) of the Securities Industry Act 1983. The conviction came after a full trial on January 7, 2011 for manipulating Suremax Group shares. Wong was charged for execu…