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

[LITTLEREDDOT]

Bail for alleged billion-dollar nickel trading scammer Ng Yu Zhi raised to $6 million​

Ng Yu Zh is accused of perpetrating a nickel trading scheme that allegedly cheated investors out of US$1.1 billion (S$1.45 billion). ST PHOTO: MARK CHEONG

Grace Leong
Senior Business Correspondent

Jan 19, 2023

SINGAPORE - Alleged nickel trading scammer Ng Yu Zhi’s $4 million bail was raised to $6 million on Thursday, and he now faces the prospect of being jailed for more than 20 years if convicted, after his criminal case was transferred to the High Court.
The bail amount is a record according to some lawyers and underscores Ng’s role in one of Singapore’s biggest investment frauds.
Ng, 35, founder of Envy Global Trading (EGT) and Envy Asset Management (EAM), was made a bankrupt in December 2022. He was arrested in February 2021 and first charged with cheating and fraudulent trading.
He now faces 105 criminal charges for his alleged involvement in the scam. Previously out on a $4 million bail, he is now in remand until the full bail is made. He was allowed by the State Court to make three phone calls to secure additional funds.
Deemed the “main protagonist in a large-scale fraud” in a State Court hearing on Thursday, Ng is accused of perpetrating a nickel trading scheme that allegedly cheated investors out of US$1.1 billion (S$1.45 billion).
That Ng faces a sentence that far exceeds 20 years now that his case is to be heard by the High Court, and has access to overseas assets of about $107 million mostly held by various individuals in China, translates to a potential increase in flight risk, Deputy Public Prosecutor Gordon Oh told the court on Thursday.
Calling the application for bail increase “crushing and baseless,” Dentons Rodyk & Davidson partner Navindraram Naidu, who represents Ng, noted that his client had known of the transfer to High Court since July 2022, but hasn’t absconded.

“He has serious bail conditions attached and time curfew. That’s sufficient to secure his attendance here. If he is trying to run, why would he discuss with the authorities about bringing assets back that could go to restitution?”
Mr Navin added that “any bail increase or my client going into remand would severely hamper his defence preparation” for a High Court trial.
Furthermore, the bailor, who is Ng’s father, has ensured that Ng complied with bail conditions, he said. “The bailor is a retiree, 72, and has liquidated all his savings and stock options to raise bail for his son. Ng would not want to see his father (who is living on CPF payouts) suffer financial hardship,” Mr Navin added.


Asking for leniency on his bail, Ng said: “I am currently on electronic tagging, which detects any movement as soon as I step out. I have no intention to abscond at all, and the information (I have) provided is to help with investigations.”
On the issue of flight risk, District Judge Terence Tay, in his oral decision on Thursday, said: “The prosecution loses the edge because, factually, the accused is here. But not all factors can be reviewed in same vein by flight risk alone.
That the prosecution has “not provided particulars of how Ng’s assets are linked to the 105 charges is not critical, as the main concern is whether he has sufficient assets overseas should he abscond,” the judge added.
“The court is of the view that the disclosure of substantial assets overseas and that (Ng) has access to the funds is an important factor to take into account, and the fact that the monies are unaccounted for, ... I agree with the prosecution in increasing bail quantum to $6 million,” the judge said.
Mr Robson Lee, partner of Kennedys Legal Solutions, noted: “The bail amount is not unreasonable in view of the scale of the alleged scam, the severity of the criminal charges, and the enormous sums of monies involved. There is basis for the court to be concerned that the accused is a flight risk.”
About 1,000 investors, including Vickers Venture Partners founder Finian Tan and former Law Society president Thio Shen Yi, sank their money into the scheme, which touted average quarterly gains of 15 per cent.
The bankruptcy order was made against Ng on Dec 22, 2022. This came after a bankruptcy application was taken out against Ng shortly after the High Court in May 2022 cleared the way for liquidators to pursue hundreds of millions of dollars allegedly transferred wrongfully into Ng’s personal accounts.
In addition to the criminal charges, Ng and three others were sued in the High Court in November 2021 by the liquidators of Envy Global Trading (EGT), Envy Asset Management (EAM) and Envy Management Holdings in a bid to recover $416.5 million and US$17.7 million from his personal assets.
Court documents state that Ng’s three companies received about $1.09 billion, US$277.1 million and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading.
Of those sums, $578.4 million, US$192.5 million and €880,000 remain outstanding.
Ng was also charged with receiving $110.3 million in his personal bank accounts from Envy Asset Management. He was further charged with transferring US$108,000 and S$3.4 million in his personal accounts to other parties, as well as US$6.6 million to foreign bank accounts in the UK, Vietnam, Cambodia, France and Taiwan. He had also made transfers amounting to S$9.8 million within his personal accounts.

 

[Razzd77]

https://www.straitstimes.com/singap...trading-scammer-ng-yu-zhi-raised-to-6-million

SINGAPORE - Alleged nickel trading scammer Ng Yu Zhi’s $4 million bail was raised to $6 million on Thursday, and he now faces the prospect of being jailed for more than 20 years if convicted, after his criminal case was transferred to the High Court.
The bail amount is a record according to some lawyers and underscores Ng’s role in one of Singapore’s biggest investment frauds.
Ng, 35, founder of Envy Global Trading and Envy Asset Management, was made a bankrupt in December 2022. He was arrested in February 2021 and charged with cheating and fraudulent trading.
He now faces 105 criminal charges for his alleged involvement in the scam. Previously out on a $4 million bail, he is now in remand until the full bail is made. He was allowed by the State Court to make three phone calls to secure additional funds.
Deemed the “main protagonist in a large-scale fraud” in a State Court hearing on Thursday, Ng is accused of perpetrating a nickel trading scheme that allegedly cheated investors out of US$1.1 billion (S$1.45 billion).
That Ng faces a sentence that far exceeds 20 years now that his case is to be heard by the High Court and has access to overseas assets of about $107 million held mostly by various individuals in China, translates to a potential increase in flight risk, Deputy Public Prosecutor Gordon Oh told the court on Thursday.


Calling the application for bail increase crushing and baseless, Dentons Rodyk & Davidson partner Navindraram Naidu, who represents Ng, noted that his client had known of the transfer to High Court since July 2022 and has not absconded.

“He has serious bail conditions attached and time curfew. That’s sufficient to secure his attendance here. If he is trying to run, why would he discuss with the authorities about bringing assets back that could go to restitution?”
Mr Navin added that “any bail increase or my client going into remand would severely hamper his defence preparation” for a High Court trial.
Furthermore, the bailor, who is Ng’s father, has ensured that Ng complied with bail conditions, he said. “The bailor is a retiree, 72, and has liquidated all his savings and stock options to raise bail for his son. Ng would not want to see his father (who is living on CPF payouts) suffer financial hardship,” Mr Navin added.

Asking for leniency on his bail, Ng said: “I am currently on electronic tagging, which detects any movement as soon as I step out. I have no intention to abscond at all, and the information (I have) provided is to help with investigations.”
On the issue of flight risk, District Judge Terence Tay, in his oral decision on Thursday, said: “The prosecution loses the edge because, factually, the accused is here. But not all factors can be reviewed in the same vein by flight risk alone.”
That the prosecution has “not provided particulars of how Ng’s assets are linked to the 105 charges is not critical, as the main concern is whether he has sufficient assets overseas should he abscond”, the judge added.
“The court is of the view that the disclosure of substantial assets overseas and that (Ng) has access to the funds is an important factor to take into account, and the fact that the monies are unaccounted for... I agree with the prosecution in increasing bail quantum to $6 million,” the judge said.
MORE ON THIS TOPIC
Alleged nickel trading scammer Ng Yu Zhi declared bankrupt
Businessman allegedly involved in nickel trading scam faces 18 more charges, bringing total to 93
Mr Robson Lee, partner of Kennedys Legal Solutions, noted: “The bail amount is not unreasonable in view of the scale of the alleged scam, the severity of the criminal charges, and the enormous sums of monies involved. There is basis for the court to be concerned that the accused is a flight risk.”
About 1,000 investors, including Vickers Venture Partners founder Finian Tan and former Law Society president Thio Shen Yi, sank their money into the scheme, which touted average quarterly gains of 15 per cent.
The bankruptcy order was made against Ng on Dec 22, 2022. This came after a bankruptcy application was taken out against Ng shortly after the High Court in May 2022 cleared the way for liquidators to pursue hundreds of millions of dollars allegedly transferred wrongfully into Ng’s personal accounts.
In addition to the criminal charges, Ng and three others were sued in the High Court in November 2021 by the liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings to recover $416.5 million and US$17.7 million from his personal assets.
Court documents state that Ng’s three companies received about $1.09 billion, US$277.1 million and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading.
Of those sums, $578.4 million, US$192.5 million and €880,000 remain outstanding.
Ng was also charged with receiving $110.3 million in his personal bank accounts from EAM. He was further charged with transferring US$108,000 and $3.4 million in his personal accounts to other parties, as well as US$6.6 million to foreign bank accounts in Britain, Vietnam, Cambodia, France and Taiwan. He had also made transfers amounting to $9.8 million within his personal accounts.
MORE ON THIS TOPIC
Alleged nickel trading fraudster Ng Yu Zhi fails in bid to stay $23m civil suit against him
Curtain falls on business empire of Ng Yu Zhi, who is behind billion-dollar ‘nickel trading scheme’

 

[LITTLEREDDOT]

Former CEO and directors of Envysion charged in relation to nickel trading fraud case​

The individuals were charged with various offences on March 7. PHOTO: ST FILE

MAR 07, 2024

SINGAPORE - The former chief executive and two former directors of a fund manager linked to one of Singapore’s largest nickel trading fraud cases were handed various charges on March 7.
The charges were for failing to put in place an appropriate risk management framework for management of funds and failing to mitigate conflicts of interest related to loans and referral fees received by the company and its CEO through the fund.
Shim Wai Han, the former CEO of Envysion Wealth Management; Doo Chun Ki, Envysion’s former chief investment officer; and Tan Kay Siong, the company’s former chief operating officer and chief compliance officer, were charged with various offences under the Securities and Futures Act and the Securities and Futures (Licensing and Conduct of Business) Regulations, said the Monetary Authority of Singapore (MAS).
Envysion, which is currently known as Hui Xun Asset Management, was a holder of a capital markets services licence for fund management and manager of the Envysion Global Investments VCC which established the Envysion Commodity Strategy Fund.
The fund was invested in Envy Global Trading, one of two companies involved in a nickel trading scheme. The director of both companies, Ng Yu Zhi, was at the centre of a US$1.1 billion (S$1.47 billion) scam deemed as one of Singapore’s largest investment fraud schemes.
Shim, Doo and Tan were charged with one count each of conniving in Envysion’s failure to put in place an appropriate risk management framework for the fund. They also face one count each of conniving in Envysion’s failure to mitigate conflicts of interest arising from the management of the assets in respect of the fund.
If convicted, they face a fine of up to $50,000 each for the first charge, and another fine of up to $50,000 each for the second.

Shim faces additional charges – one count of making false statements in connection with the provision of a financial advisory service under the Financial Advisers Act, and two counts under the Official Secrets Act of forwarding e-mail correspondence between MAS and Envysion to Ng, the former director of Envy.
If Shim is found guilty of making false statements under the Financial Advisers Act, she faces jail time of up to a year or a fine of up to $50,000 or both.
If convicted under the Official Secrets Act, she faces imprisonment of up to two years and a fine of up to $2,000 for each charge. THE BUSINESS TIMES

 

[LITTLEREDDOT]

Alleged nickel trading scammer Ng Yu Zhi hit with money laundering-related charge, remanded for 1 week​

Ng Yu Zhi faces a total of 106 criminal charges for his alleged involvement in a nickel-trading scam that purportedly cheated investors of US$1.1 billion (S$1.5 billion). PHOTO: ST FILE

Grace Leong
Senior Business Correspondent

JAN 31, 2024

SINGAPORE - Accused nickel trading scammer Ng Yu Zhi has been hit with one new charge, and is again in remand for a further probe into his alleged involvement in money laundering-related offences involving “many parties”.
According to the Jan 31 charge, he is accused of trying to sell a shophouse at 13 Bussorah Street, which he had allegedly acquired with criminal proceeds, to a person known as Gan Wee Pin in October 2023, and personally acquire $500,000 from the sale.
The 36-year-old founder and former managing director of Envy Global Trading and Envy Asset Management was arrested in February 2021, and now faces a total of 106 criminal charges for his alleged involvement in a nickel trading scam that purportedly cheated investors of US$1.1 billion (S$1.5 billion).
The charges include cheating, criminal breach of trust, forgery, fraudulent trading and money laundering. About 1,000 investors sank their money into the scheme, which touted average quarterly gains of 15 per cent.
Ng was first remanded on Jan 19, 2023, after his bail was increased to $6 million and he was not able to immediately secure the additional funds to make full bail. But he subsequently raised the additional amount and was out on bail when he was handed the latest charge.
Deputy Public Prosecutor Gordon Oh asked for Ng to be remanded for one week for the police to conduct further probes because of “suspected incidents of money laundering involving many parties”, and telecommunication devices found in his possession that require further investigations with his assistance.
The DPP said that if Ng were to be released on bail, there would be a risk of tipping off other suspects involved in the case, and computer evidence and investigative leads from the telecommunication devices may be destroyed.

District Judge Brenda Tan granted the request for remand.
Ng’s lawyer Johannes Hadi said intensive investigations have been ongoing and his client had attended an interview with the Commercial Affairs Department on Jan 29, 2024.
Ng will be back in the State Courts on Feb 7.

 

[k1976]

Alleged nickel trading scammer Ng Yu Zhi hit with money laundering-related charge, remanded for 1 week​

Ng Yu Zhi faces a total of 106 criminal charges for his alleged involvement in a nickel-trading scam that purportedly cheated investors of US$1.1 billion (S$1.5 billion). PHOTO: ST FILE

Grace Leong
Senior Business Correspondent

JAN 31, 2024

SINGAPORE - Accused nickel trading scammer Ng Yu Zhi has been hit with one new charge, and is again in remand for a further probe into his alleged involvement in money laundering-related offences involving “many parties”.
According to the Jan 31 charge, he is accused of trying to sell a shophouse at 13 Bussorah Street, which he had allegedly acquired with criminal proceeds, to a person known as Gan Wee Pin in October 2023, and personally acquire $500,000 from the sale.
The 36-year-old founder and former managing director of Envy Global Trading and Envy Asset Management was arrested in February 2021, and now faces a total of 106 criminal charges for his alleged involvement in a nickel trading scam that purportedly cheated investors of US$1.1 billion (S$1.5 billion).
The charges include cheating, criminal breach of trust, forgery, fraudulent trading and money laundering. About 1,000 investors sank their money into the scheme, which touted average quarterly gains of 15 per cent.
Ng was first remanded on Jan 19, 2023, after his bail was increased to $6 million and he was not able to immediately secure the additional funds to make full bail. But he subsequently raised the additional amount and was out on bail when he was handed the latest charge.
Deputy Public Prosecutor Gordon Oh asked for Ng to be remanded for one week for the police to conduct further probes because of “suspected incidents of money laundering involving many parties”, and telecommunication devices found in his possession that require further investigations with his assistance.
The DPP said that if Ng were to be released on bail, there would be a risk of tipping off other suspects involved in the case, and computer evidence and investigative leads from the telecommunication devices may be destroyed.

District Judge Brenda Tan granted the request for remand.
Ng’s lawyer Johannes Hadi said intensive investigations have been ongoing and his client had attended an interview with the Commercial Affairs Department on Jan 29, 2024.
Ng will be back in the State Courts on Feb 7.

No wallory de....18yrs later...another One Good Man

 

[dirtywoman]

this bbfa really jin satki

 

[laksaboy]

Kurt Tay looks like him.

 

[k1976]

Kurt Tay looks like him.

How can Kurt Tay compared to a smart Billionaire?

 

[dirtywoman]

Ng Yu Zhi

may I know what is the dialect group of this big time scammer?

 

[LITTLEREDDOT]

Liquidators seeking to recover $855m from alleged nickel trading scammer Ng and three others​

Ng Yu Zhi at the State Courts in January 2023. Ng and three others were sued in November 2021 by liquidators. PHOTO: ST FILE

Grace Leong
Senior Correspondent

Jul 31, 2024

SINGAPORE – The civil trial of a case brought by liquidators against Ng Yu Zhi, the alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam, and three others began on July 30 in the High Court.
The liquidators of Ng’s three companies are seeking a court order to recover about $855 million from Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng, for their complicity in what is allegedly the biggest Ponzi scheme in Singapore’s history.
Ng and the trio were sued in November 2021 by the liquidators of Envy Global Trading (EGT), Envy Asset Management (EAM) and Envy Management Holdings in a bid to recover $416.5 million and US$17.7 million (S$23.8 million) of investors’ monies allegedly transferred to Ng’s own bank accounts under false pretences.
In December 2022, Ng, the former managing director of EGT and EAM, was declared a bankrupt upon application by liquidators to recover these sums from his personal assets.
Ng, who is in remand, did not appear in court for the trial.
Court documents state that Ng’s three companies received about $1.09 billion, US$277.2 million and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading.
Of those sums, $593 million, US$192.2 million and €880,000 remain outstanding to investors, lawyers David Chan and Lin Ruizi of Shook Lin & Bok said in opening statements filed on behalf of the liquidators.

In addition, the liquidators are seeking to recover $26.2 million in commissions, profit sharing, dividends and directors’ fees paid to Ms Lee, US$1.84 million and $471,569 from Mr Ju and $1.92 million from Mr Cheong.
According to the liquidators, the defendants claimed that they “believed Ng’s explanations for why fraudulent acts needed to be done, and believed the purported nickel trading was a genuine business”.
But the defendants’ “obliviousness in the face of countless red flags must mean that they comprehensively breached all duties and responsibilities which they owed to the Envy companies”, they argued.

Ms Lee was alleged to have helped Ng cover up details of the fraudulent transfers of $416.5 million and US$17.7 million.
Her case appears to be that she thought these were legitimate transfers to a British Virgin Islands company called Envy Asset Management Trading for the purported nickel trading, the liquidators said.
Ms Lee, who was not represented by a lawyer, told the court she did not think the scheme was a fraud.
“When this whole thing blew up, I was in late stage of pregnancy. I supported investors during confinement and caring for my newborn,” she said.
“Whatever I did for the company, I did it with my best knowledge and that everything was real.”

The defendants were also accused of forging documents, including contracts and shipping documents, to “create the pretence that the Envy companies were engaged in physical nickel trading through the purchase of nickel from Poseidon Nickel”.
But the investors’ funds were never used to buy nickel from Poseidon Nickel.
In order to keep up the facade, Mr Ju, a former head of trading for EGT, in August 2020 allegedly helped Ng procure a batch of nickel that had been sitting in a local warehouse for a long time, liquidators said.
They added that this was done to mislead investors into thinking it was a freshly purchased shipment from Poseidon Nickel, the liquidators said.
Mr Ju, who was also not represented by a lawyer, told the court that he “forged documents on Ng’s instructions because he thought the documents were to conceal trading secrets”.
Mr Cheong, a former client support associate, “admitted to assisting Ng in conveying instructions” to a third party for forgery of shipping documents and other documents, the liquidators said.
“He has admitted to deleting his WhatsApp chat history with Ng after CAD’s (Commercial Affairs Department) investigations began... The only explanation is that he wanted to conceal his own role in the Ponzi scheme,” they said.
Mr Cheong’s lawyer, Mr Koh Kok Kwang of CTLC Law, said his client was an administrative executive and not a manager.
“He never worked in an office job, and didn’t have the character to question what Ng asked him to do,” Mr Koh said.
On top of the lawsuit, Ng is facing 106 criminal charges over his alleged involvement in the $1.5 billion nickel trading scam. The charges include cheating, criminal breach of trust, forgery, fraudulent trading and money laundering.
Another trial against six other former employees who are being sued by the liquidators for more than $40 million in commissions, profit sharing and investment returns is expected to start in September.

 

[Narong Wongwan]

District Judge Terence Tay fixed bail at $1.5 million with e-tagging, and a 10pm to 6am curfew. It is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.


Sure run road...can cheat $1b and bail set at only $1.5m ?

Why my uncle John Soh not allowed bail back then?
He even proposed pay for SPF detail to follow him.

 

[Narong Wongwan]

These sorts of returns definite super high risk and probably going to end in tears kinda of ventures...

People never learn though because of greed...

White collar thieves just going to continue growing because of the digital age and regulators not able and or not willing to come down hard on these white collar crooks...

The Archegos Bill Hwang scandal is but just the latest example of the dark side of capitalism...

Warren Buffett also dun dare promise these type returns. Why so many goondus

 

[k1976]

Warren Buffett also dun dare promise these type returns. Why so many goondus

He ish Singapore Oracle mah

 

[Samiveloo]

Stupidity, incompetence, and greed often go hand-in-hand. At the heart of this is the desire to appear competent when one is not—rooted in vanity, ego, and self-aggrandisement. Private banks, in particular, tend to foster these traits, pushing those rejected by mainstream institutions toward inevitable failure. #Leadership #CorporateCulture #SelfAwareness #ProfessionalGrowth

 

[LITTLEREDDOT]

Billion-dollar nickel-trading fraud: Ng Yu Zhi goes to trial on 42 charges​

Ng Yu Zhi currently faces a total of 108 charges, of which 105 are in connection to the alleged nickel investment scam.PHOTO: ST FILE

Selina Lum
Nov 26, 2024

SINGAPORE – Businessman Ng Yu Zhi, who is accused of perpetrating a billion-dollar fraudulent nickel investment scheme through his companies Envy Asset Management and Envy Global Trading, went on trial in the High Court on Nov 26.

The 37-year-old is alleged to have deceived investors, who include lawyers and financiers, into putting in a total of $1.46 billion to finance the trading of physical nickel, when such deals never took place.

The investors were purportedly promised returns of about 15 per cent over three months.

Ng was first charged in March 2021 with two counts each of fraudulent trading and cheating. New charges continued to be filed against him, up until February 2024.

He currently faces a total of 108 charges, of which 105 are in connection to the alleged nickel investment scam.

The three other charges relate to his attempts in 2023 to sell a Bussorah Street shophouse, which he had allegedly bought with criminal proceeds.

These charges have not been transferred to the High Court.

On Nov 26, Deputy Public Prosecutor Gordon Oh told the High Court that the prosecution will be proceeding against Ng on 42 out of the 105 charges related to the nickel trading scheme.

The charges are 10 counts of cheating, 15 counts of forgery, one count of criminal breach of trust as a director, 14 counts of money laundering, and two counts of fraudulent trading.

Ng, sporting a topknot hairstyle, listened intently as a court officer took an hour to read all 42 charges to him.

One of the proceeded charges relates to venture capitalist Finian Tan.

Ng is accused of cheating Mr Tan, on no fewer than three occasions, into delivering US$19.2 million (S$25.6 million) to Envy Global Trading between October 2020 and January 2021.

Ng was first remanded on Jan 19, 2023, after his bail was increased from $4 million to $6 million, and he was not able to immediately secure the additional funds.

He was released after he subsequently raised the additional amount.

Bail was later revoked after he allegedly committed fresh offences, stemming from the attempted sale of the shophouse, while he was on bail.

Court records show that he has been remanded since Jan 31, 2024.

Ng was first represented by lawyers from Davinder Singh Chambers, and then from Dentons Rodyk & Davidson.

He is currently represented by four lawyers, Mr Hassan Almenoar, Ms Diana Foo, Mr Nichol Yeo and Mr Nicholas Narayanan, who are all from different law firms.

Ng was declared bankrupt on Dec 22, 2022, after he and three others were sued by the liquidators of the Envy companies.

Four prosecution witnesses are expected to take the stand during the first tranche of the trial, which has been scheduled to be held till Nov 29.

More than 50 days have been set aside for the trial, which is set to resume in February 2025.

On Nov 26, the defence tried to compel the prosecution to proceed on all the charges instead of standing down the remaining 66 charges.

Mr Almenoar argued that if Ng was acquitted of the 42 charges, it would not be fair for the prosecution to then proceed against him on the remaining charges.

His application was rejected by Judicial Commissioner Christopher Tan, who noted that standing down charges in a criminal trial is a long-entrenched practice.

He added that the defence has not provided any legal authorities in support of its application.

The prosecution’s opening statement will be read when the trial resumes on Nov 27.

 

[LITTLEREDDOT]

Cars, art, property: Ng Yu Zhi allegedly lived lavishly on gains from $1.46b nickel trading scam​

Ng Yu Zhi, the alleged perpetrator of a US$1.1 billion nickel trading scam, arrives at the State Courts on Jan 17, 2023.PHOTO: ST FILE

Selina Lum
Nov 27, 2024

SINGAPORE - Prosecutors on Nov 27 set out their case against businessman Ng Yu Zhi, accusing him of masterminding a scheme that had 947 invest a total of $1.46 billion in a nickel trading venture that was little more than fiction.

Deputy Public Prosecutor Gordon Oh told the High Court that the investors were convinced to invest in Ng’s companies, Envy Asset Management (EAM) and Envy Global Trading (EGT), after he falsely claimed that his firms could buy nickel from an Australian mine at a discount and sell the metal for a sizeable profit.

In reality, no nickel was purchased or sold by the Envy companies. The companies paid earlier investors with the funds put in by other investors.

Out of the $1.46 billion paid to his two companies, more than $481 million was channelled to Ng’s personal bank accounts, said the prosecutor.

DPP Oh added that the 37-year-old reaped “tremendous” criminal benefits from the scheme, saying Ng used the invested funds to finance his lavish lifestyle.

Ng is said to have paid more than $20 million for four properties and close to $5 million on artworks using misappropriated funds. He also bought expensive jewellery and cars, including a Pagani Huayra Coupe, Porsche 911 GT3, Rolls-Royce Phantom, Lamborghini Aventador SV J, and an Aston Martin Rapide.

In order to spin a convincing tale, Ng lent credibility to this fraud by forging several key documents, said the prosecutor.


“The prosecution will show that this pretty picture of a profitable physical nickel trading business was but pure fiction,” said DPP Oh.

Ng faces a total of 108 charges, for offences including cheating, forgery, criminal breach of trust, money laundering and fraudulent trading.


The prosecution is proceeding on 42 of these charges in the current trial. The remaining charges have been stood down for now.

In his opening statement, DPP Oh said Ng had offered the scheme through EAM between February 2016 and March 2020, and through EGT from April 2020 to March 2021.

At the end of three-month contracts, investors could withdraw all or part of their investment and returns, or reinvest by “rolling over” their monies into a new investment.

The prosecutor said Ng forged distribution agreements between the Envy companies and Australian mining company Poseidon Nickel, which he showed to sales representatives and certain investors to convince them that his business model was sound.

Ng also forged forward contracts with international bank BNP Paribas for the purported sale of physical nickel, the prosecutor told the court.

The first witness to take the stand was Shim Wai Han, the former chief executive of Envysion Wealth Management.

Envysion was allegedly cheated into delivering $47.4 million to EGT on no less than 17 occasions between September 2020 and January 2021.

Shim was allegedly cheated into delivering $955,115.08 to EGT on no fewer than four occasions between November 2020 and January 2021.

Shim, a private banker for 20 years and certified financial planner, testified that she met Ng in 2018 at his office in Oxley Tower.

She said Ng told her that he had come across opportunities in 2016 while working as an auditor in KPMG, which purportedly had Australian mining company BHP Billiton as a client.

Shim said Ng told her that BHP had cancelled an agreement with Poseidon because of the plunge in the price of nickel at the time, leaving Poseidon with a stockpile.

She said Ng told her that he bought nickel from Poseidon at a discount and initially traded the metal on his own, and when nickel prices stabilised, he committed to buying nickel every month to get the discount.

To get better cash flow, he eventually offered these opportunities to other investors, she said.

Shim said she subsequently learnt that EAM was placed on the Monetary Authority of Singapore’s (MAS) investor alert list in March 2020.

She said that on checking with her chief compliance officer, the only explanation she got was that EAM, which was not licensed by MAS, may have been seen as carrying out activities that required a licence.

She said she saw a legal opinion that Ng supposedly got from a regulatory lawyer, which stated that a licence was not required when dealing with accredited investors.

When DPP Oh asked Shim what convinced her that the deals were genuine, she replied that she had seen multiple documents, and that she and her team had done due diligence by checking with commodity experts on the viability of such discounts.

These checks convinced her that Ng’s opportunities were “not something that’s too good to be true”, she said.

Shim, along with Doo Chun Ki and Tan Kay Siong – two former directors of fund management company Envysion Wealth Management – had been earlier charged with two counts each under the Securities and Futures Act and the Securities and Futures (Licensing and Conduct of Business) Regulations.

Envysion was manager of the Envysion Global Investments VCC, which established the Envysion Commodity Strategy Fund. The fund was invested in EGT.

These charges were for failing to put in place an appropriate risk management framework for the fund and failing to mitigate conflicts of interest related to loans and referral fees given to the company by Ng and EGT.

Shim also faces a charge under the Financial Advisers Act for making false statements and two charges under the Official Secrets Act for forwarding e-mail correspondence from MAS to Ng.

The trial continues.

 

[LITTLEREDDOT]

Luxury cars, high-end jewellery: Lavish purchases made by man in $1.46b nickel trading case​

Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam, spent more than $21 million on about 20 luxury cars between Dec 2019 and Feb 2021. PHOTO: LIANHE ZAOBAO FILE

Selina Lum
Nov 28, 2024

SINGAPORE – Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam that attracted $1.46 billion from investors, was said by the prosecutors to have led a lavish life funded by the proceeds of his crimes.

The 37-year-old is currently on trial for 42 charges for cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust. Another 66 charges have been stood down.

Over six years, Ng offered investors the opportunity to make profits from the purported buying and selling of physical nickel by his companies, Envy Asset Management and Envy Global Trading.


Prosecutors said he forged documents to make his story more convincing.

In reality, no nickel was purchased or sold by the Envy companies. Earlier investors were paid with money put in by other investors.

Ng has also been accused of misappropriating money from his company, and spending his ill-gotten gains on expensive works of art, property, cars, and jewellery.

These are some of the lavish purchases Ng allegedly made with the proceeds of his crimes.

Luxury cars​

Ng spent more than $21 million on about 20 luxury cars between December 2019 and February 2021. He spent:

• $7.1 million on a Pagani Huayra Coupe;
• $2.1 million on a Rolls-Royce Phantom;
• $1.9 million on a Lamborghini Aventador SV J and a Lamborghini Huracan Evo RWD;
• $670,535 on a Porsche 911 GT3;
• $701,000 on a Mercedes-Benz S63.

Property​

Ng spent more than $20 million on four properties between June 2020 and November 2020. He paid:

• $8 million for a property in Coldstream Avenue;
• $5.6 million for a property in Emerald Hill Road;
• $5 million for a shophouse in Bussorah Street;
• $1.97 million for a condominium unit in Jervois Road.

The condominium at Jervois Road.ST PHOTO: JASON QUAH

Artwork​

Ng bought nearly $5 million worth of artwork between June 2020 and December 2020. He spent:

• $2 million on Red Tone by Singaporean artist Cheong Soo Pieng, and Snow Mountain by Taipei-based artist Liu Kuo-Sung;
• $505,000 on three works by Singaporean artist Chen Wen Hsi;
• $1.08 million on various works, including those by Singaporean artist Lim Tze Peng, Spanish surrealist Salvador Dali and Colombian artist Fernando Botero.

Jewellery and watches​

A diamond-encrusted Audemars Piguet Royal Oak watch.PHOTO: AUDEMARS PIGUET
Ng spent $18.3 million on high-end jewellery and luxury watches. He paid:

• $4.4 million for two necklaces, two rings and a watch from Bulgari;
• $3.5 million for a Chopard diamond ring;
• $2.5 million for a promise ring from Graff Diamonds;
• $221,600 for a diamond-encrusted Audemars Piguet Royal Oak watch;
• 712,500 Swiss francs (S$1.08 million) for a ruby and diamond necklace by jeweller Harry Winston and an emerald and diamond necklace by jeweller Fred.

A Harry Winston ruby and diamond necklace (left), and an emerald and diamond necklace by jeweller Fred.PHOTOS: SOTHEBY’S

 

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2 investors in Ng Yu Zhi’s Ponzi scheme ‘died because of pressure from case’: Private banker​

Prosecutors alleged that Ng Yu Zhi’s Ponzi scheme, which promised attractive profits from nickel trading, was “pure fiction” that duped 947 investors of almost $1.5 billion.PHOTO: ST FILE

Grace Leong
Nov 28, 2024

SINGAPORE – Veronica Shim Wai Han, a former Singapore Airlines flight stewardess-turned-private banker of almost 20 years’ standing, broke down in court on Nov 28 as she testified that at least two investors in businessman Ng Yu Zhi’s $1.5 billion nickel trading scam “had died directly or indirectly because of pressure from this case”.

Prosecutors alleged that Ng’s Ponzi scheme, which promised attractive profits from nickel trading was “pure fiction” that duped 947 investors of almost $1.5 billion, of which more than $481 million was channelled to Ng’s personal bank accounts and used to finance his lavish lifestyle.

The first prosecution witness to take the stand, Shim, the former chief executive of fund manager Envysion Wealth Management (EWM), and her company are named as victims in two cheating charges against Ng, the alleged mastermind of the scam.


Ng, 37, is contesting 42 charges of fraudulent trading, cheating, forgery, criminal breach of trust and money laundering, with another 63 charges stood down. The prosecution plans to call on evidence from 58 witnesses over the more than 50 days that have been set aside for the High Court trial.

EWM was allegedly cheated into delivering $47.3 million to Envy Global Trading (EGT) on at least 17 occasions between September 2020 and January 2021. Shim herself was allegedly cheated into delivering $955,115.08 to EGT on at least four occasions between November 2020 and January 2021.

On Day 3 of the criminal trial, Shim testified: “For all the victims of this case, there is still a lot of negative impact. From the day we were informed that this could be a scam, from disbelief to having to accept the pain that we could be victims of this scam, and then guilt, and... we have people coming to us saying we are stupid, and the embarrassment also.”

“The worst is, we are professionals,” she added, breaking down on the stand and taking a sip of water to calm herself.

“This case involved too many reputable people. These are not stupid people, and no one deserved to be scammed. There were more than 1,000 investors involved... According to my knowledge, at least two investors had died directly or indirectly because of pressure from this case.”

The other alleged victims included Temasek International general counsel Pek Siok Lan, former Law Society president Thio Shen Yi and Vickers Venture Partners founder Finian Tan, known for spotting the potential in search giant Baidu back in 2000, when it was just a small Chinese start-up. Ms Pek was allegedly cheated of $5.5 million, Mr Thio of more than $500,000, and Mr Tan of US$19.2 million (S$25.8 million).

As Shim testified how she and the others felt as victims, Ng, the heavy-set, bespectacled Singaporean now in remand, avoided making eye contact with those in the courtroom.

“We have done whatever we could as professional fund managers,” she said. “Everyone out there, please be reminded it can happen to any one of you, whether or not you are a professional. There were experts in commodities and financial industries, and we were fooled because we believed in a Singaporean who was well educated, brought up in Singapore, and was licensed by MAS (Monetary Authority of Singapore).

“We did whatever we could to follow compliance, and we thought we could protect ourselves. But when we appear in the news as victims, we faced unnecessary scrutiny from the public, the authorities.

“I had 30 staff in Envysion, and all 30 lost their jobs overnight. But we are still dealing with (upset investors) shouting, blaming and everything. We tried our best to cooperate with the authorities... Even with all this, me and my two directors could be sitting behind that glass panel (in the prisoner’s dock) in future because we did what we thought was right.”

Shim and former EWN directors Doo Chun Ki and Tan Kay Siong have been charged with various offences under the Securities and Futures Act and the Securities and Futures (Licensing and Conduct of Business) Regulations.

EWN was manager of the Envysion Global Investments VCC, which established the Envysion Commodity Strategy Fund. The fund was invested in Ng’s company EGT.

The charges are for failing to put in place an appropriate risk management framework for the management of funds and failing to mitigate conflicts of interest related to loans and referral fees received by the company and its CEO through the fund.

Shim is also accused of breaching the Official Secrets Act by forwarding e-mail correspondence between MAS and EWN to Ng.

“Me and the two directors cannot even get a job till today. I am lucky I have family support, but I’m not sure about the other two. And we also have to pay (legal fees) for our own defence. I have built up 20 years of career experience and we had clean records in the financial industry... But we didn’t expect people to come up with forged documents. We did our due diligence in good faith... This incident has destroyed a lot of people’s lives and livelihoods, and a lot of life savings were at stake,” Shim said.

When asked by Deputy Public Prosecutor Gordon Oh if she recovered any of her investment, Shim said: “My total (exposure), including EWN’s (exposure), is $16 million... We have recovered nothing because it is all in the hands of the liquidators of Envy Group.”

Asked what has happened to the investment, Shim said: “Why don’t you ask Mr Ng? We got nothing at maturity.”

It was previously reported that Ng paid over $20 million for four properties, and spent close to $5 million on works of art. He also bought expensive jewellery and cars, including a Pagani Huayra Coupe, Porsche 911 GT3, Rolls-Royce Phantom, a Lamborghini Aventador SV J and an Aston Martin Rapide.

Ng was declared bankrupt on Dec 22, 2022, after he and three others were sued by the liquidators of the Envy companies.

Prosecutors allege that the 947 investors were duped into investing in Ng’s companies, Envy Asset Management and EGT, after he claimed that his firms could buy nickel from an Australian mine at a discount and sell the metal for a sizeable profit.

To spin a convincing tale, he forged documents and made false representations himself or through sales representatives of the Envy companies, Mr Oh said.

In reality, no nickel was bought or sold by the Envy companies. The companies paid earlier investors with the funds put in by other investors.

 

[Narong Wongwan]

This chap got no run road strategy
He just wants to spend and enjoy till kena caught
Buy local property for what? Should park overseas and the more liquid the better

 

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$1.5b nickel-trading scam: Defence accuses investor of caring only about revenue​

Ng Yu Zhi leaving the State Courts on Feb 14, 2022.PHOTO: ST FILE

Selina Lum
Nov 29, 2024, 11:19 PM

SINGAPORE– Ng Yu Zhi’s lawyer on Nov 29 accused investor Veronica Shim Wai Han of caring only about generating income from his client’s nickel investment scheme, and not about whether the underlying transactions were genuine.

Shim, a private banker for 20 years and former chief executive of a fund management company, emphatically disagreed.

She was being cross-examined by Mr Nichol Yeo, one of the four lawyers acting for Ng, on day four of his ongoing trial.


Ng is accused of masterminding a nickel-trading scam that attracted $1.46 billion from 947 investors over six years, and allegedly used the invested funds to finance his lavish lifestyle.

Ng told investors they could make profits from the buying and selling of physical nickel through his two companies.

The scheme was first offered through Envy Asset Management (EAM).

After EAM was placed on the Monetary Authority of Singapore’s investor alert list in March 2020, the scheme was moved to Envy Global Trading (EGT).

Ng claimed he could buy nickel at a discount from an Australian mining company and then sell the metal for sizeable profits.

Prosecutors say no nickel was bought or sold; earlier investors were paid with money put in by other investors.


Ng is contesting 42 charges of fraudulent trading, cheating, forgery, criminal breach of trust and money laundering.

Shim and her company, Envysion Wealth Management (EWM), are named as victims in two cheating charges.

EWM was allegedly cheated into delivering $47.4 million to EGT between September 2020 and January 2021.

Shim was allegedly cheated into delivering $955,115.08 to EGT between November 2020 and January 2021.

On Nov 29, Mr Yeo sought to establish that the nickel trading scheme was a lucrative source of income for her group of companies, and that she and her team did not do sufficient due diligence.

EWM manages a variable capital company which established the Envysion Commodity Strategy Fund. The fund was invested in EGT’s scheme.

Shim said another company under her Envysion group gets referral fees when fresh funds are put into the scheme, and when funds are reinvested after the three-month maturity period.

EWM also charges a management fee.

Mr Yeo asserted: “When you were sourcing for investors into the fund, you did not care what the underlying transactions were. All you cared about was the revenue generated.”

Shim replied: “Mr Yeo, you are insulting my professionalism. I disagree.”

She earlier testified that she was convinced that the deals were genuine after Ng showed her some documents. She also visited a warehouse where nickel was stored.

Shim said her team raised some concerns about the financial statements of Poseidon Nickel Limited, the Australian firm that purportedly sold the nickel to Ng.

She said she told her chief investment officer to check on this, and an explanation was provided by Ng.

While she did not elaborate on the concerns, she said the explanation was that trades under the scheme will not be reflected in the financial statements.

When Mr Yeo asked if she was happy with the explanation, she replied: “As long as the team thinks it’s feasible. I don’t have the expertise to understand the commodity world.”

The lawyer also asked if she had checked with the mining company.

She said she and her team concluded that Poseidon, like most big organisations, would likely ignore queries from those outside their agreements.

After Mr Yeo continued to press the point that she did not get documents from sources other than Ng, Deputy Public Prosecutor Gordon Oh questioned the relevance of this line of questioning.

This prompted Judicial Commissioner Christopher Tan to confer with the prosecution and the defence in private.

Later summing up the discussion in open court, the judge noted that the defence said the questions relate to Shim’s credibility and whether there was deception.

He added that this might veer into victim blaming if sentencing becomes an issue.

Mr Yeo ended his cross-examination by putting it to Shim that Ng did not deceive her, and that she did not care and did not want to know whether the deals were genuine. She disagreed.

Shim, EWM’s former chief investment officer Jacob Doo Chun Ki and former chief compliance officer Tan Kay Siong have each been charged with two counts under the Securities and Futures Act and the Securities and Futures (Licensing and Conduct of Business) Regulations.

Shim also faces two charges under the Official Secrets Act for forwarding e-mail correspondence between MAS and EWM to Ng.

The trial resumes in February 2025.