Two Malaysian scammers behind SingliWorld and TriumphFX have been jailed.
On January third, Leong Koon Wah and Ng Kuan Chuan have been sentenced to 10 years and 6 months and 7 years and 6 months respectively.
On the cash facet of issues Wah, aka Hermes Leong, has been ordered to pay $3.6 million. Chuan is up for $300,000.
If Wah doesn’t pay up he’s going through a further eighteen months in jail. If Chuan can’t pay he’s going through a further six months.
Wah, Chuan and 4 associates have been arrested again in 2018. Singaporean authorities charged the scammers in relation to Singliworld, a foreign exchange rip-off that pitched buyers on as much as 13% a month.
Wah’s and Chuan’s trial started in March 2022. The standing of the opposite 4 accomplices is unknown.
Along with SingliWorld, Wah was additionally behind Triumph World, which might later turn out to be TFX World and Triumph FX. Chuan is tied to each SingliWorld and Triumph World.
BehindMLM printed a number of articles on TriumphFX, with our authentic 2017 overview garnering over 130 feedback.
We moreover reported on TriumphFX regulatory motion from Indonesia, Singapore, Malaysia, Australia and Canada.
TriumphFX collapsed in late 2022, following non-payment of investor withdrawals for weeks.
Nearly all of SingliWorld and TriumphFX victims have been from Singapore and Malaysia.
Complete losses throughout SingliWorld and TriumphFX, as accepted by the Singapore court docket, totalled $13.7 million confirmed from over $21 million solicited from shoppers.