Men Jailed for S$23 Million Forex Trading Scam: What Investors Need to Know
SINGAPORE: Two men have been sentenced to prison and hefty penalties for orchestrating a S$23 million multi-level marketing (MLM) scheme that deceived about 4,500 investors with false promises of high returns from forex trades. Leong Koon Wah, 51, was the mastermind behind Singliworld, Triumph Global, and Union Markets, while Ng Kuan Chuan, 38, played a crucial role in maintaining the façade of legitimate trading operations.
The Deception Unveiled
From 2014 to 2015, Leong and Ng lured investors into Singliforex, claiming professional traders would generate average monthly returns of 7.54% with profits split 70-30 between investors and themselves. However, no trading took place, and investors were locked out of their accounts while being incentivized to recruit more participants.
The Unraveling of the Scam
During the 88-day trial, it became evident that Singliworld’s trading statements were fictitious, and funds were misappropriated to enrich Leong, his wife, and a fake investment scheme. The complex structure of the MLM scheme, coupled with overseas transactions and elaborate façades, masked the true nature of the fraudulent operation.
Justice Served
District Judge Soh Tze Bian handed down harsh sentences to Leong and Ng, emphasizing their lack of remorse, dishonesty, and attempts to shift blame during the trial. Leong received a 10-year, six-month jail term and a S$3.66 million penalty, while Ng was sentenced to seven years and six months in prison with a S$300,000 fine. Despite Leong’s request to defer his sentence, he was ordered to begin serving his jail term on Jan 31.
In a case that highlights the dangers of fraudulent trading schemes, investors must remain vigilant and cautious when approached with promises of high returns. As the legal proceedings unfold, it is essential to hold perpetrators of financial scams accountable to prevent further harm to unsuspecting individuals entrusting their hard-earned money to fraudulent schemes. Let this be a cautionary tale for all investors: if an opportunity sounds too good to be true, it probably is. Stay informed, stay vigilant, and protect your financial future from potential scams and fraudulent schemes.