SINGAPORE — For more than two years, he allegedly made close to 4,000 trades of S-chip firm China Fibretech that did not involve a change in beneficial ownership. As the largest retail investor of the dye-maker, Soligny Bruno Ludovic, 39, is accused of executing the trades to create a misleading appearance of active trading of China Fibretech’s shares.

On Thursday (Jan 4), he was charged with 19 counts under the Securities and Futures Act for manipulating the share prices of the troubled company listed on the Singapore Exchange mainboard.

Ludovic owned 13.8 million, or 3.07 per cent of China Fibretech shares as of March 18, 2015, making him the fourth-largest shareholder, after Phillip Securities, OCBC Securities, and RHB Securities Singapore.

He is accused of executing 3,879 trades involving 16.6 million shares of the company that did not involve a change in beneficial ownership between July 1, 2013 and June 30, 2015. He is said to have continued doing so sporadically till Sept 14 that year.

Of the charges against Ludovic, three accused him of trading to lower China Fibretech’s share price on three days in July 2015, while four alleged him of doing the opposite in July, August, and September the same year.

Shortly after, China Fibretech suspended trading on Nov 30, 2015, following uncertainties surrounding damage claims amounting to 466 million yuan (S$95.3 million) from three customers of its subsidiary, Shishi Simwa Knitting & Dyeing, over products delivered in 2014 and early 2015.

Ludovic also faces three charges for deceiving UOB Kay Hian, Maybank Kim Eng Securities and KGI Fraser Securities by making trades through the account of one Ms Linda Na Ching Ching, who was listed as the second largest retail investor of China Fibretech on March 18, 2015. These trades were made without prior consent.

The remaining eight charges are for instances where Ludovic allegedly failed to give notice in writing to China Fibretech, of when he became a substantial shareholder, and when there were changes in the percentage level of his interest in the company’s voting shares between March and July 2015.

If convicted, Ludovic could be jailed up to seven years, and/or fined up to S$250,000, for each offence.

His case will be heard again on Feb 1.