Two Malaysians jailed in Singapore for fraudulent scheme that caused S$13.7m losses to over 2,000 investors
Ng Kuan Chuan, 38, who was also a director at Triumph Global and Singliworld HK, was sentenced to seven years and six months in jail after earning approximately US$300,000.He faces an additional six months in jail if he fails to pay the fine. These customers were led to believe that professional traders would conduct the trading on their behalf through “foreign exchange brokerages” — Triumph Global and Union Markets.Judge Soh also convicted the pair of offences involving Triumph Global and Union Markets.
“In my view, the scheme preyed on investors’ trust through deliberate misrepresentations, manipulation of outcomes, and unsustainable financial practices,” Judge Soh said. Ng was one of the people who had carried out the “trading” even though he was neither qualified nor licensed to do so.