SINGAPORE: The director of two companies at the centre of massive investment fraud allegations was charged in court on Monday with two counts each of cheating and fraudulent trading.
The Monetary Authority of Singapore brought Ng’s companies to the attention of the Commercial Affairs Department in November last year, the police said in a news release. MAS had placed the companies on the Investor Alert List in March last year after it received feedback that EAM had told customers that it was in the process of applying for a license from MAS. No such application had been made, MAS said.
“MAS, CAD and MoneySense have repeatedly advised investors to be aware of the risks of dealing with entities that are not regulated by MAS.”
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