Perpetrators of Forex Scam Singliforex Sentenced to Over 10 Years Behind Bars in Singapore

On January 3, Leong Koon, a 51-year-old Malaysian man, was sentenced to ten years and six months in prison, along with a fine of $3,658,600, for conducting the Singliworld forex investment scam. If he fails to pay the fine, he must to spend another 18 months in prison.

Leong was the managing director of Singliworld. This company promoted it sole business, Singliforex, a foreign exchange investment scheme, to more than 2,000 investors in Singapore, promising 13% returns per month.

The fraudulent scheme collected at least $21 million from victims worldwide.

In May 2015, Leong earned $3.1 million through a multi-level marketing scheme with only $1,000. He also earned $3.4 million using accounts in the name of his wife, who was not actually involved in the investment.

In addition to Singliworld, Leong was also the director of Hong Kong firms Singliworld HK and Triumph Global (Asia), as well as New Zealand firm Union Markets.

Ng Kuan Chuan, a 38-year-old man who was also a director of Triumph Global and Singliworld HK, was sentenced to seven years and six months in prison and fined $300,000.

Singliforex investors opened accounts with Triumph Global and Union Markets, thinking they were two forex brokerage firms. They also believed that professional traders were investing in forex on their behalf. On the contrary, the two firms had no forex licenses.

By combining the illusion of professional trading, guaranteed profits, and MLM incentives, Leong and Ng as the perpetrators maintained a deceptive front while systematically misappropriating funds, ensuring the eventual collapse of the scheme.