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Trading Wunderkind's Alleged $740 Million Fraud Jolts Singapore bloombergquint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloombergquint.com Daily Mail and Mail on Sunday newspapers.
Suhaimi Abdullah/Getty Images A Singapore trader has been charged with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist (file photo). At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: his lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore s moneyed classes, Ng was charged last month with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist. ....
SHARE At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Mr Ng also had a dark secret: His lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore’s moneyed-classes, Mr Ng was charged last month with four counts of fraud for allegedly raising at least S$1 billion ($740m) from investors for commodity trades that didn’t exist. The police have called it one of the city-state’s largest-ever suspected investment fraud schemes. It’s also the latest in a series of scandals in the financial and commodities-trading hub, where assets under management have swelled to S$4 trillion thanks largely to inflows from overseas. ....
In a case that has riveted the island nation’s moneyed classes, prosecutors allege a 33-year-old trader stole hundreds of millions from clients, blowing it on a $US5 million supercar and other trappings. ....
Singapore nickel trader’s lavish lifestyle allegedly fueled by $740m fraud Merlion and the Singapore Skyline. Credit: Wikimedia Commons At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-story villa in a posh Singapore neighborhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: His lavish lifestyle, they say, was built on lies. Sign Up for the Australasia Digest Sign Up In a case that has riveted Singapore’s moneyed-classes, Ng was charged last month with four counts of fraud for allegedly raising at least S$1 billion ($740 million) from investors for commodity trades that didn’t exist. ....