Talent Sinkie Accountant Scammed over $1BIL to fund high life! Samsters jealous?

[Pinkieslut]

Very Yandao and talented!​

Singapore trader pleads not guilty to $1.1 billion fraud​

Bloomberg
Updated Tue, 26 November 2024 at 1:33 am GMT-8·2-min read


A businessman is facing over 100 charges for $1.1 billion nickel scam. (PHOTO: Getty Images)
By Yihui Xie and Chanyaporn Chanjaroen

(Bloomberg) — An ex-accountant accused of running a billion-dollar nickel scam that rocked Singapore’s business community pleaded not guilty on Tuesday to 42 charges including money laundering.

Prosecutors allege that Ng Yu Zhi, 37, raised money for trades that did not exist. Hundreds of clients, many of them high-profile figures in the city-state, put their money into a $1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted impressive average quarterly gains of 15%.


Ng, meanwhile, spent millions to fund an extravagant lifestyle, including a three-story villa in a high-end neighbourhood and a multi-million-dollar Pagani sportscar.

Singapore police have referred to the scam, carried out between 2020 and 2021, as one of the country’s largest ever investment frauds. It’s also the latest in a series of scandals in the financial and commodities-trading hub, which is now eager to restore a reputation for good governance.

Earlier this month, former oil tycoon Lim Oon Kuin, 82, was handed a 17-and-half year jail sentence for cheating HSBC Holdings Plc and instigating forgery. In October, S. Iswaran became the first ex-cabinet minister to be jailed in almost half a century, after pleading guilty in charges including obstruction of justice.

The law firms representing Ng are Legal Eagles, Nicholas & Tan Partnership LLP, Nine Yards Chambers LLC, R. Ramason & Almenoar.

Ng, who initially faced more than 100 charges, has been held in remand for more than nine months.

A civil trial began on 30 July in Singapore’s High Court.

(Updates with Ng’s plea)

 

[laksaboy]

Ng, meanwhile, spent millions to fund an extravagant lifestyle, including a three-story villa in a high-end neighbourhood and a multi-million-dollar Pagani sportscar.

Most people see the nice stuff and automatically assume the guy legitimately knows how to make money, and therefore are more inclined to give him their money.

The first rule of selling is to sell oneself.

 

[jurongkechil]

Gcb villa. What!!

 

[Patriotmissile]

人不可貌相。This kind of fucked up face can con billions.