this is the trend in Singapore. Forex companies will sell you courses, signals and fund trading promising you % returns. However, most of these forex companies do not have any licence to trade. Licences are issued by MAS to traders who work mostly in the banks and fund houses. in other words, these forex companies solicit money from the public promising them high returns. 99% they will wipe out all the money. Then you lan lan can’t do anything because by then these scammers will run away. After awhile when people forget, they will come back to scam again.
In those days together with this scammer, Kishore was Kelvin Han from Zone Financial, now known as PGL Orientals Holdings Pte Ltd, tradewitheboys, Phoenix System. Kelvin Han did the same thing like Kishore, act as fund manager without licence from MAS. Kelvin Han was charged and jailed for soliciting funds from students, lost all the money and declared bankrupt. this trend will go on for years to come, scammers will never die, they will think of new ways to scam.
open your eyes wide and not to trust too easily. don’t so lazy also, go forums or google what other people say. don’t gong gong pay thousands over dollars to feed these scammers.
news reported on Kelvin Han - charged and jailed 2 times already.
Straits Times Reported By Khushwant Singh
blog source: createwealth8888
Jailed for acting as fund manager without licence
ADDITIONAL CHARGES: Han could not repay the $718,000 he lost and was declared a bankrupt on Jan 19 last year. Even after that, he got involved in three firms. For this, he was jailed for another month.
TRAINING firm Zone Financial was set up to teach people how to trade futures contracts and indexes.
But it acted as a fund manager between May 2004 and August 2006, collecting nearly $4 million as personal loans from 32 people.
Its managing director, Kelvin Han How Yong, 28, was yesterday jailed for five months after pleading guilty to allowing the firm to engage in fund management without a capital markets services licence from the Monetary Authority of Singapore (MAS).
Han would persuade participants at his training sessions to invest in a fund - called Kelvin’s Fund - for periods ranging from a few weeks to six months.
The money was used to trade futures contracts and indexes and he promised his clients returns of 1 per cent to 5 per cent per month, depending on the amount they put in.
By the time he resigned as managing director in August 2006, he had lost about $718,000.
Two months later, the Commercial Affairs Department began investigations after several people reported to the police that Han had cheated them into investing various sums of money.
Han could not repay the money lost and was declared a bankrupt on Jan 19 last year.
He has yet to make any restitution of the $718,000 he lost while the remainder of the sum invested has been returned to the investors.
Even as a bankrupt, Han was not done yet. Although bankrupts are not allowed to engage in the management of companies without the permission of the court or the Official Assignee, Han got involved in three firms almost immediately. For this, he was jailed for another month.
The court heard that Han had asked his father, Mr Han Koon Siong, to set up event management firm Cronwell in November 2006 with a paid-up capital of $1. Between January and August last year, he took charge of the firm and managed it.
Two other charges of acting as a director of AOL Capital and Rimson Investments last year were considered by the judge when deciding on the sentence.
Zone Financial was also fined $20,000 for offering fund management services without the appropriate licence. The firm has since become inactive.
CAD reported
source: CAD singapore police force
PP V KELVIN HAN HOW YONG
On 23 November 2016, Kelvin Han How Yong (Han) was charged in court for carrying on a business in fund management without a Capital Markets Services licence under Section 82 of the Securities and Futures Act.
It is alleged that from October 2011 to May 2015, Han had been involved in the management of V3GO Investment Pte Ltd, a company which offered courses in forex trading and investment techniques. He is further alleged to have engaged in financial investments for his students when he did not possess the necessary licence to do so.
Being an undischarged bankrupt, Han had to seek permission from the Official Assignee to manage the business, which he allegedly did not. Another charge under Section 148 of the Companies Act was transferred against him for managing V3GO Investment Pte Ltd as an undischarged bankrupt.
