1 billion in alleged fraud case (Former: Fat boy screwed her of S$48 million)

[Balls2U]

Few years back,there is one lawyer who stole client money $10M and absconded to LOS. Till now,he's a free man, everyday lying at Pattaya beach drinking champagne and ogling at bikini-clad Thai gals. Don't say $10M,if got $1M also can run to LOS already. Khop Khun Karp !

Are u referring to David Rasiff, Jade Rasiff's old man?

 

[syed putra]

Still a long way to go before can match jho low

 

[SalahParking]

David Rasiff is in Indonesia, not Thailand.

 

[songsongjurong]

our very own Jho Low.

 

[LITTLEREDDOT]

When you see young investment managers/traders managing other people's monies (not their own) and started owning expensive cars and watches within a short time, that is a warning sign.
Bernard Ong, Torque Trading Systems

Torque Trading CEO bought $664,000 car just before collapse
Feb.11, 2021 in companies

A clearer picture of Torque Trading’s collapse is emerging.

In the lead up to the collapse, CEO Bernard Ong was showing off high-priced purchases on social media.
Screenshots of Ong’s Instagram account reveals a late 2020 purchase of a Mclaren 600 LT.

Ong is based in Singapore. A quick search reveals the 600 LT goes for about $664,000 locally.

In addition to a fancy car, Ong also recently showed off what he claims was an expensive looking birthday gift.

Ong would later celebrate is his birthday with top Torque Trading investors and a “money cake”.

In the aftermath of Torque Trading’s collapse, Ong has made his Instagram profile private.

It goes without saying the ~$664,000 McLaren is just a snapshot of the amount Ong and his co-conspirators made off with.

Now seeking to downplay wealth extracted from Torque Trading investors, Ong put on a somber facade in a video made public yesterday.

Reading from a script, Ong (right) promises to keep Torque Trading victims updated.

We’ll be updating you daily until the situation stabilizes. With updates of our investigations and both cause of actions.
We need some time and your patience to allow us to work through this.

Rather than just admit Torque Trading was a Ponzi scheme that was running or ran out of money, Ong continues Torque Trading’s bad trades facade exit-scam.

All our resources and focus are spent on figuring out details of how this could have happened.
We’ve received over four hundred emails and the number continues to grow by (the) hour.
Our support team is responding to each email with the information we have so far.
Last night we analyzed the trade logs for the past week.
The picture remains supportive of our initial assessment, that a single senior employee took leveraged positions that ran counter with our usual marketing trading strategies.
There’s a huge amount of data to get through for the over three hundred crypto trading sub accounts, that we are currently reviewing.
We have no found any foul play, or any criminal appropriation of customer funds.
We are still scanning actively for any such evidence, and if we find any we will engage law enforcement.

Ponzi admins pretending they aren’t exit-scamming is laughable enough. Ong promising to engage law enforcement pushes it over the hilarity line.

Hi, Singapore police? Bern Ong here, CEO of the illegal Torque Trading Ponzi scheme.

I’d like to report myself and my buddies for stealing investor funds and exit-scamming.

As part of Torque Trading’s exit-scam, Ong claims backoffice balances will be slashed by 90%.

How much of the remaining 10% balance, if any all, will then be withdrawable is unclear.

I apologize that this has happened. We are doing everything we can to save your interest.
We’ll do better to regain your trust.

Ong finishes up by thanking Torque Trading victims who have purportedly sent him “messages of support”.

Singapore isn’t known for active regulation of MLM Ponzi schemes. It is unclear whether local authorities will take any action.

 

[tyudm]

Should have more of this so PAP cannot howlian how good and safe their governance is

 

[syed putra]

Should have more of this so PAP cannot howlian how good and safe their governance is

Its investors fault. Nothing to do with gomen.they should have check and verify before parting with their hard earned money.

 

[Hypocrite-The]

Guess the race n religion n nationality of the conman

 

[sweetiepie]

Ng was charged last month with four counts of fraud for allegedly raising at least S$1 billion (US$740 million) from investors for commodity trades that didn’t exist.

KLN as my uncle always said majority of sinkies are tam chia ter nao gai KLN

 

[waitifcuk]

KLN as my uncle always said majority of sinkies are tam chia ter nao gai KLN

KLN

Again, your Wise Uncle tiok Lah,
Cheese-Pie all greedy pigs,
GCBs,
All Gian-Png.

 

[mahjongking]

at 33 years of age, this guy can con $1billion is a high hand
pap should give him an award and introduce him into its ranks

 

[chickenpieforeveryone]

wa so smart ah can con $1billion. con liao should run away mah

 

[jw5]

This is the part of the case that seems to be extremely questionable.

"Ng’s investors included Envysion Wealth Management, a Singaporean fund management company, and its founder Shim Wai Han. While Envysion has a similar name to those of Ng’s companies and shared meeting rooms and pantry services with them through a rental agreement, Shim said in an April 1 interview and subsequent messages that Envysion is otherwise unrelated to Ng. He isn’t an owner or executive at Envysion, she said.

Prosecutors allege that Ng convinced Envysion and Shim to invest S$48 million in receivables on nickel products that never existed.

“Our objective now is just one thing,” Shim said in the interview. “To get back the money for investors and for ourselves.” "

 

[tyudm]

Its investors fault. Nothing to do with gomen.they should have check and verify before parting with their hard earned money.

Regardless of culpability genuine investors are now aware so PAP's can't boast too much now.

 

[LITTLEREDDOT]

Pek Siok Lan is the best, general counsel for investment firm Temasek Holdings.
How safe do Sinkies think their reserves are when the general counsel for a firm looking after part of the Sinkies' reserves got conned?

S'pore businessman Ng Yu Zhi, linked to alleged fraud of $1 billion, accused of cheating some notable lawyers​

Ng Yu Zhi is said to have swindled investors into putting at least $1 billion into nickel deals that never took place.

David Sun

June 28, 2021

SINGAPORE - Several notable names in the legal fraternity were purportedly cheated by a Singaporean businessman who is alleged to be involved in a $1 billion fraud scheme.
Ng Yu Zhi, 34, director of Envy Asset Management and Envy Global Trading, is said to have swindled investors into putting at least $1 billion into nickel deals that never took place.
The investors were promised varying returns averaging 15 per cent over three months.
Ng, who was arrested in February, was previously facing 18 charges for cheating, fraudulent trading and forgery.
On Monday (June 28), he was slapped with another 13 similar charges.
He is accused of criminal breach of trust involving more than $200 million.


The alleged victims named in the new charges include the general counsel for Temasek Holdings Pek Siok Lan, criminal lawyer Sunil Sudheesan and ex-president of the Law Society Thio Shen Yi. The lawyers were allegedly cheated of $5.5 million, $1 million and $87,000 respectively.

Other notable names allegedly cheated by Ng include the chairman of Vickers Capital Group Finian Tan and chief executive officer of Chuan Hup Holdings Terence Peh. The charge sheets state that the investment professionals were swindled of US$19.2 million (S$25.8 million) and $3 million respectively.

As of last month, at least four lawsuits had been filed by investors seeking to claim some $50 million from Envy Global Trading and Ng.
The Commercial Affairs Department has seized about $100 million of assets from him.
Neither of Ng's firms is licensed by the Monetary Authority of Singapore.
It stated in March that it had been informed that Envy Asset Management claimed that it was applying for a licence, even though no application had been submitted.
Ng is out on bail of $1.5 million.

He has to continue wearing an electronic tag, and comply with a curfew from 10pm to 6am.
His bail is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.
He is expected to be back in court on July 5 for a bail review.

 

[nayr69sg]

Finian Tan also $25.8million

How did this guy do it! Must learn from these experts.

 

[batman1]

Lawyers are also human beings.They also have greed for quick money.

 

[nayr69sg]

No doctors?

 

[LITTLEREDDOT]

Fat boy screwed Pek Siok Lan, general counsel for investment firm Temasek Holdings, out of $5.5 million.

S'pore businessman Ng Yu Zhi, linked to alleged fraud of $1 billion, accused of cheating some notable lawyers​

Ng Yu Zhi is said to have swindled investors into putting at least $1 billion into nickel deals that never took place.

David Sun

June 28, 2021

SINGAPORE - Several notable names in the legal fraternity were purportedly cheated by a Singaporean businessman who is alleged to be involved in a $1 billion fraud scheme.
Ng Yu Zhi, 34, director of Envy Asset Management and Envy Global Trading, is said to have swindled investors into putting at least $1 billion into nickel deals that never took place.
The investors were promised varying returns averaging 15 per cent over three months.
Ng, who was arrested in February, was previously facing 18 charges for cheating, fraudulent trading and forgery.
On Monday (June 28), he was slapped with another 13 similar charges.
He is accused of criminal breach of trust involving more than $200 million.


The alleged victims named in the new charges include the general counsel for Temasek Holdings Pek Siok Lan, criminal lawyer Sunil Sudheesan and ex-president of the Law Society Thio Shen Yi. The lawyers were allegedly cheated of $5.5 million, $1 million and $87,000 respectively.

Other notable names allegedly cheated by Ng include the chairman of Vickers Capital Group Finian Tan and chief executive officer of Chuan Hup Holdings Terence Peh. The charge sheets state that the investment professionals were swindled of US$19.2 million (S$25.8 million) and $3 million respectively.

As of last month, at least four lawsuits had been filed by investors seeking to claim some $50 million from Envy Global Trading and Ng.
The Commercial Affairs Department has seized about $100 million of assets from him.
Neither of Ng's firms is licensed by the Monetary Authority of Singapore.
It stated in March that it had been informed that Envy Asset Management claimed that it was applying for a licence, even though no application had been submitted.
Ng is out on bail of $1.5 million.
He has to continue wearing an electronic tag, and comply with a curfew from 10pm to 6am.
His bail is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.
He is expected to be back in court on July 5 for a bail review.

 

[Scrooball (clone)]

Q: What has been your biggest investment mistake?
A: ...I learnt a hard lesson when dealing with commodity investment. ...I have learnt a great deal from the mistake and have now equipped myself as well as Envysion with a commodity expert accessibility platform."

She can now update her greatest investment mistake - trusting a fat fuck and not doing due diligence