A 46-year-old man has been charged in court in relation to an investment scheme he offered between 2015 and 2017. The accused traded in leveraged foreign exchange for investors without the requisite licence from the Monetary Authority of Singapore (MAS). In addition, the accused also defrauded two investors, as he used part of the money they invested with him for other purposes.
The charges against the accused, which were tendered in court on 13 March 2020, are:
- 15 counts of cheating under Section 420 of the Penal Code, which each carries imprisonment for a term which may extend to 10 years, and also a fine; and
- One count of carrying on a business in a regulated activity without holding a capital markets services licence under Section 82 of the Securities and Futures Act (Cap 289; 2006 Rev Ed), which carries a fine not exceeding $150,000 or imprisonment for a term not exceeding 3 years or both.
Members of the public are advised to adopt the following measures concerning investment schemes:
- Avoid investments that promise high returns, “guaranteed profits” and quick gains, especially when there are claims that it involves little or no risk.
- Be careful when dealing with unregulated entities or persons. The Monetary Authority of Singapore’s (“MAS”) regulatory framework was put in place to ensure that only competent and professional persons may provide such financial services. If you choose to deal with unregulated entities or persons, you will forgo the protection given under MAS’ regulations.
- Before committing to an investment, always Ask, Check and Confirm.
- ASK
ASK as many questions as you need to fully understand the investment opportunity. If the company is unable to, or avoids answering any of your questions, be wary!
- CHECK
CHECK on the company, its owners, directors and management members to assess if the opportunity is genuine
- CONFIRM
- ASK
CONFIRM the company’s and representatives’ credentials by using available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website (www.mas.gov.sg).
SINGAPORE POLICE FORCE
13 March 2020 @ 2:30 AM