[RiseofAsia]

https://www.businesstimes.com.sg/compani...d-bankrupt

[sgbuffett]

Many top elites were scam by this feller

[FangFang]

Means what ?

[cityhantam]

'We are not stupid people': Private banker victim breaks down during $1.5b nickel trading scam trial, 

 https://www.asiaone.com/singapore/we-are...ading-scam

[p1acebo]

All stupid people kena conned by jhk

[sgbuffett]

I saw the testimony of the former air stewardess turned fund manager who was cheated by Ng.

We have done whatever we could as professional fund managers," she said. "Everyone out there, please be reminded it can happen to any one of you, whether or not you are a professional. There were experts in commodities and financial industries, and we were fooled because we believed in a Singaporean who was well educated, brought up in Singapore, and was licensed by MAS (Monetary Authority of Singapore).
"We did whatever we could to follow compliance, and we thought we could protect ourselves. But when we appear in the news as victims, we faced unnecessary scrutiny from the public, the authorities.
"I had 30 staff in Envysion, and all 30 lost their jobs overnight. But we are still dealing with [upset investors'] shouting, blaming and everything. We tried our best to co-operate with the authorities... Even with all this, me and my two directors could be sitting behind that glass panel (in the prisoner's dock) in the future because we did what we thought was right."
Shim and former EWN directors Doo Chun Ki and Tan Kay Siong have been charged with various offences under the Securities and Futures Act and the Securities and Futures (Licensing and Conduct of Business) Regulations.
EWN was the manager of the Envysion Global Investments VCC, which established the Envysion Commodity Strategy Fund. The fund was invested in Ng's company EGT.
The charges are for failing to put in place an appropriate risk management framework for the management of funds and failing to mitigate conflicts of interest related to loans and referral fees received by the company and its CEO through the fund.
Shim is also accused of breaching the Official Secrets Act by forwarding e-mail correspondence between MAS and EWN to Ng.

According to her, she did nothing wrong and did eveything she was supposed to do. She faces various charges.

I doubt what she said .... She was putting all or most of client funds into one investment that turned out to be a scam and the clients lost their life savings. Charges include conflict of interest. ..she was earning very high fees from the transactions. She also claimed to have done "due diligence" ...tell me what "due diligence" is possible for a business operation in a poorly regulated 3rd world country.

Also Ng Yu Zhi had a history of involvement in dubious business dealings and controversies before the nickel trading scam. A check on his background would have shown that.

[[[ForeverAlone]]]

All stupid people kena conned by jhk

EPIC, ex GIC Top management also got conned by him.

[Niubee]

All greedy ppls also Kenna gongtao scam.
This scam never die esp play on greed..

[Ola]

Fake Singaporean with China Wife, lah

His face looks so Malaysian to me

[sgbuffett]

EPIC, ex GIC Top management also got conned by him.

They let their guard down and did not do proper checks.

Ng cane out with story that he could buy nikkel at low price and turn a profit by selling at a higher price. Such a scheme would be "risk free" and he could have kept the profits for himself.... why would he share with them? It makes no sense. Ng must have "persuaded" and seduced these people to part with their money.

Its one thing for people to disregard tge risk and lose their own money but you cannot do this if you are managjng others money ...the fund manager who put client money into the scam is totally negligent....i think she will be jailed.

[p1acebo]

Pek Siok Lian’s sister Pek Siok Lan also kena conned

[p1acebo]

Did Pek Siok Lian change her name to Lian Pek to avoid any association with her dumbass sister Siok Lan?

[victortan]

It is not those got cheated are stupid,, It is the cheater are much much smarter than them.

[p1acebo]

If not greedy won’t be cheated.

[p1acebo]

Same excuse as one victim in another scamming incident.  She said she is not stupid, just that the scammer was smarter than her.  

In her case it was a love scam.  She ignored all the warning signs (never met him in person, only photos) and all her close friends’ advice.  Like that deserve to lose every cent

[p1acebo]

It’s like that dumb and weak need to be eliminated.  This is the normal process of evolution