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Director of Forex Trading Provider C7 Traders Faced Multiple Charges in Singapore
Ong Kai Min, a 42-year-old man, was charged in court on January 7 with several counts, according to Singapore police.
Ong was the director of a number of businesses including Singapore Index Trading Institute Pte. Ltd. (“Bookhero”), OKM Holdings Pte. Ltd. (“OKMH”) and C7 Traders Vanuatu Limited (“C7”).
Between May 2019 and March 2021, SITI offered investors a so-called artificial intelligence trading program. SITI's AI technology was said to help investors trade leveraged forex on the C7 Traders trading platform.
Ong lied to investors that their funds would be transferred to C7 Traders, and by doing so, he transferred over over $500,000 to SITI and Bookhero.
Ong also instructed an employee to reformat the company's computers and delete records such as emails and documents before C7 collapsed. So he faced one count of intentionally obstructing the course of justice.
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