Successful Forex Trader Bringing You 3% Monthly Profit? Ponzi Scam Perpetrator Sentenced to Five Years in Prison in Singapore

On December 16, Kam Boon Hee, a 57-year-old Singaporean man, was sentenced to five years in prison for perpetrating a Ponzi scheme.

Kam was the director of several businesses, including Kenn Capital Pte Ltd, Kenn Organisation International Pte Ltd and Kenneth Kam Pte Ltd. He falsely claimed to be a successful forex trader who earned substantial profits from his trading.

Investors who were misled by the lies gave their money to Kam to participate in foreign exchange trading and were promised a return of 3% interest rate per month.

However, Kam was actually running a Ponzi scheme. He used other victims' money to pay so-called “3% monthly interest rates” to previous victims.

In March 2020, he was first charged. Further charges followed in October of the same year and February of the following year. According to the court, there were 340 cheating charges against Kam, involving more than $16 million. Kam was also charged for transferring ill-gotten.

The court said the trial involved 63 charges involving 13 victims, with the rest being set aside.