Man who left Singapore nine years ago charged for alleged involvement in fraudulent investment scheme

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Michael Atkins, a 50-year-old American citizen, was extradited to Singapore on March 18 after his whereabouts were traced with the help of US authorities.

Both an Interpol red notice and a warrant of arrest were issued against Atkins after he failed to report for investigations, following his arrest and release on bail in July 2014, as part of the Commercial Affairs Department’s investigations into Aureus Capital, a company which Atkins was a director and shareholder of.

A red notice is a request to law enforcement agencies worldwide to locate and provisionally arrest a person pending extradition, surrender or similar legal action. From May 2013 to July 2014, Aureus Capital offered an investment scheme where it would trade in leveraged foreign exchange on behalf of the scheme’s participants.Atkins was charged for allegedly being a knowing party to a fraudulent purpose of Aureus Capital’s business of trading in leveraged foreign exchange for its clients, when it did not operate any substantive trading activities and had no sustainable means to fund its operations or the promised pay-outs to its clients.

Those found guilty will be liable to a fine of up to $15,000, to a jail term of up to seven years, or both. - The Straits Times/ANN

 

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