Veronica Shim Wai Han, former SQ stewardess said "at least two investors had died directly or indirectly because of pressure from this case"

[testart]

Surprised they no invest on qcoin got discount and 5-8% monthly returns in wisfarm .

Me kena lost a few hundred though mainly is returns .

Qoo10 got good reputation somemore also uplorry . This investment pretty much doomed from the start .

They trusted this ceo of wealth management. Pool so much money as though this is an exclusive investment.

These investors and wealth managers wanted the investment which is exclusive to them only.

 

[MrAwesomeX]

They trusted this ceo of wealth management. Pool so much money as though this is an exclusive investment.

These investors and wealth managers wanted the investment which is exclusive to them only.

S&P 500 looks much better imo .

These rich elite ppl sure got huge egos .

 

[coutuser]

She jialat sia. She was responsible for managing the "investment" the scammed $1.5B. Even though she is prosecuting witness, likely she can't escape jail sentence too, albeit lighter.

Also, once she is found guilty, the victims will surely launch lawsuits to claim from her. It will be a lifetime of torture and agony attending to endless slew of law suits.

She can declare bankrupt

This former air waitress turned fund manager in my opinion did not do adequate DD
For an investment of that scale if I were her would arrange to fly to Australia to verify and meet the seller . You cannot just depend on documents which as it were turned out to be forged .This is the least she should do to invest vast amount of money on clients behalf

What is the seller and mine also fake?

most of them just sit in air con vet documents nia

Check infospectrum, check bank statement then ok liao, tonight go omakase

proper commodity trading, they will need to hit the physical mines, check the supply chain, the letters of credit, supply performance, check the BLs under who etc etc

What is BL?

 

[noobkia]

How did this ex sq even become a fund manager in the first place lol

 

[Targaryen]

She can declare bankrupt

What is the seller and mine also fake?

What is BL?

Bill of lading, proof of ownership

 

[noobkia]

Two corporate lawyers, one tech VC..

Commodity expert meh

Where are the so called COMMODITY EXPERTS

Lol she’s just an airhead hired for her looks to pull in investors. How would she have any commods experience or investment experience

 

[Targaryen]

How did this ex sq even become a fund manager in the first place lol

Just an airhead using looks and connections to enter the upper society...not the first and certainly not the last to happen

 

[donut88]

Now you know why the garment refuse to let ppl withdraw 100% CPF at 55 or 65? Because there are stupid ppl who will throw their money into such scams. It will create social issues.

 

[samba fan]

The point is MAS approve..
So how many MAS approve institute are actually scams?
What is MAS doing?

 

[standarture]

How did this ex sq even become a fund manager in the first place lol

Quite common. As long as can talk and smoke your way through can liao. Got some ka kia to do the grunt work too.

 

[donut88]

The point is MAS approve..
So how many MAS approve institute are actually scams?
What is MAS doing?

Hello, u can't blame MAS or other approving authority.

U get hawker license and passed the food safety hygiene certificate. But u open food stall, never wash yr hands and ppl est yr food and get food poisoning.

Whose fault is it?

Your fault or SFA fault?

 

[Auzz777]

2 investors in Ng Yu Zhi’s Ponzi scheme ‘died because of pressure from case’: Private banker​

SINGAPORE – Veronica Shim Wai Han, a former Singapore Airlines flight stewardess-turned-private banker of almost 20 years’ standing, broke down in court on Nov 28 as she testified that at least two investors in businessman Ng Yu Zhi’s $1.5 billion nickel trading scam “had died directly or indirectly because of pressure from this case”.

Prosecutors alleged that Ng’s Ponzi scheme, which promised attractive profits from nickel trading was “pure fiction” that duped 947 investors of almost $1.5 billion, of which more than $481 million was channelled to Ng’s personal bank accounts and used to finance his lavish lifestyle.

The first prosecution witness to take the stand, Shim, the former chief executive of fund manager Envysion Wealth Management (EWM), and her company are named as victims in two cheating charges against Ng, the alleged mastermind of the scam.

Ng, 37, is contesting 42 charges of fraudulent trading, cheating, forgery, criminal breach of trust and money laundering, with another 63 charges stood down. The prosecution plans to call on evidence from 58 witnesses over the more than 50 days that have been set aside for the High Court trial.

EWM was allegedly cheated into delivering $47.3 million to Envy Global Trading (EGT) on at least 17 occasions between September 2020 and January 2021. Shim herself was allegedly cheated into delivering $955,115.08 to EGT on at least four occasions between November 2020 and January 2021.

On Day 3 of the criminal trial, Shim testified: “For all the victims of this case, there is still a lot of negative impact. From the day we were informed that this could be a scam, from disbelief to having to accept the pain that we could be victims of this scam, and then guilt, and... we have people coming to us saying we are stupid, and the embarrassment also.


“The worst is, we are professionals,” she added, breaking down on the stand and taking a sip of water to calm herself.

“This case involved too many reputable people. These are not stupid people, and no one deserved to be scammed. There were more than 1,000 investors involved... According to my knowledge, at least two investors had died directly or indirectly because of pressure from this case.”

The other alleged victims included Temasek International general counsel Pek Siok Lan, former Law Society president Thio Shen Yi and Vickers Venture Partners founder Finian Tan, known for spotting the potential in search giant Baidu back in 2000, when it was just a small Chinese start-up. Ms Pek was allegedly cheated of $5.5 million, Mr Thio of more than $500,000, and Mr Tan of US$19.2 million (S$25.8 million).

As Shim testified how she and the others felt as victims, Ng, the heavy-set, bespectacled Singaporean now in remand, avoided making eye contact with those in the courtroom.


“We have done whatever we could as professional fund managers,” she said. “Everyone out there, please be reminded it can happen to anyone of you, whether or not you are a professional. There were experts in commodities and financial industries, and we were fooled because we believed in a Singaporean who was well-educated, brought up in Singapore, and was licensed by MAS (Monetary Authority of Singapore).

“We did whatever we could to follow compliance, and we thought we could protect ourselves. But when we appear in the news as victims, we faced unnecessary scrutiny from the public, the authorities.

“I had 30 staff (members) in Envysion, and all 30 lost their jobs overnight. But we are still dealing with (upset investors) shouting, blaming and everything. We tried our best to cooperate with the authorities... Even with all this, me and my two directors could be sitting behind that glass panel (in the prisoner’s dock) in future because we did what we thought was right.”

Shim and former EWN directors Doo Chun Ki and Tan Kay Siong have been charged with various offences under the Securities and Futures Act and the Securities and Futures (Licensing and Conduct of Business) Regulations.

EWN was manager of the Envysion Global Investments VCC, which established the Envysion Commodity Strategy Fund. The fund was invested in Ng’s company EGT.

The charges are for failing to put in place an appropriate risk management framework for the management of funds and failing to mitigate conflicts of interest related to loans and referral fees received by the company and its CEO through the fund.

Shim is also accused of breaching the Official Secrets Act by forwarding e-mail correspondence between MAS and EWN to Ng.

“Me and the two directors cannot even get a job till today. I am lucky I have family support, but I’m not sure about the other two. And we also have to pay (legal fees) for our own defence. I have built up 20 years of career experience and we had clean records in the financial industry... But we didn’t expect people to come up with forged documents. We did our due diligence in good faith... This incident has destroyed a lot of people’s lives and livelihoods, and a lot of life savings were at stake,” Shim said.

When asked by Deputy Public Prosecutor Gordon Oh if she recovered any of her investment, Shim said: “My total (exposure), including EWN’s (exposure), is $16 million... We have recovered nothing because it is all in the hands of the liquidators of Envy Group.”

Asked what has happened to the investment, Shim said: “Why don’t you ask Mr Ng? We got nothing at maturity.”

It was previously reported that Ng paid more than $20 million for four properties, and spent close to $5 million on works of art. He also bought expensive jewellery and cars, including a Pagani Huayra Coupe, Porsche 911 GT3, Rolls-Royce Phantom, a Lamborghini Aventador SV J and an Aston Martin Rapide.

Ng was declared bankrupt on Dec 22, 2022, after he and three others were sued by the liquidators of the Envy companies.

Prosecutors allege that the 947 investors were duped into investing in Ng’s companies, Envy Asset Management and EGT, after he claimed that his firms could buy nickel from an Australian mine at a discount and sell the metal for a sizeable profit.

To spin a convincing tale, he forged documents and made false representations himself or through sales representatives of the Envy companies, Mr Oh said.

In reality, no nickel was bought or sold by the Envy companies. The companies paid earlier investors with the funds put in by other investors.

https://www.straitstimes.com/singap...gn=stfb&utm_medium=social&utm_source=facebook

GREED. Nothing else. How would you explain a professional falling for 60% p.a return. Just because there are other reputable people in it makes it legitimate ? More like Greed looking for justification.

 

[Tenpai]

Although he's bad, have to say he's really satki to be able to scam 1.5B by himself

more satki is the people he scammed are well-educated people

so much for education sometimes

 

[MaskedRider555]

whu ask them kena conned

 

[glarerder]

more satki is the people he scammed are well-educated people

so much for education sometimes

Education is mostly a matter of good memory. It rarely teaches social engineering which was what he uses.

 

[coutuser]

If the deal is so good, Elon Musk or Warren Buffett already get their hands on those nickels liao. Why would the Australian mine wait for an unknown fat Singaporean guy to buy ?

To be smart rich, always watch what the rich are actually doing. They are doing something right, that's why they can be rich.

Are you rich now?
How to become rich?

Ya also about street smart and actual experience of starting/running a business.

Like the canto phrase, "Where got big fat toad jump around on street for you to catch?"

If the deal is so good, Gina Rinehart or Aussie commodity traders will already be on it.

Then the poor man will always remain poor? The rich get richer?

im not sure you know what you're talking about

Nickle mines are huge, without roads how you want to truck the ore to the river or barge to the port stockpiles
below is a shitty indo mine, the aussie mines are even bigger and better developed

simi climb jungle or helicopter access only sia

this is bulk commodities trading, not blood diamonds or gemstone trade (which yes is more kampung)

You expect a chio bu to go construction site?

they are individual vehicle and entity. not wrong. with proper risk reduction, lost can be controlled.
like in Hyflux high yield bonds, who would have thought that a temasick endorsed darling will implode.

of course, in this case, the paperwork is nicely fake like in this case. so the high court will definitely set a example out of this case. only can say its really unlucky for the wealthy, thats the thing about alternative investment.

one good thing out of this, EDMW and BBFA will never kena this problem. so just watch show with popcorn. tell yourself you are so blessed with a proper family and girlfriend or wife. be content, dont mess around with investment. 15 years of bull run has ended. dont get sucked in.

You are wrong. BBFA dont have gf or wife.

Even Top Reputable Hedge fund yield 10%++ ba .

This solid 15% return is quite questionable especially from a fat low ses looking nobody in financial sector.

Can recommend the 10% fund?

 

[coutuser]

more satki is the people he scammed are well-educated people

so much for education sometimes

I am surprised the scammer wasn't fixed.

 

[Geminiboy]

why this case no more updates?

 

[Huatkuey888]

Just one of the many financial scums we have on this island and more on the way thanks to our open-leg policy to wealthy individuals.

Hello this is your fellow singaporean leh NG yu zhi. Graduate from local uni. Simi also open leg policy. Lol

 

[coutuser]

Hello this is your fellow singaporean leh NG yu zhi. Graduate from local uni. Simi also open leg policy. Lol

He looks like EDMWer BBFA.