Singapore police charge Forex trio over unregulated activity

Maria Nikolova

Two men and one woman, aged between 44 and 61, were arrested on January 8, 2018.

The Singapore Police Force has issued a brief notice announcing the arrest of a Forex trio involved in the promotion of a prohibited multi-level marketing scheme and conducting a business without the necessary license.

The Commercial Affairs Department investigated a scheme offered by a company based outside of Singapore to investors in Singapore between 2013 and 2015. The entity, whose name was not unveiled by the police, promised investors monthly returns of about 6 to 8%, purportedly derived from the company’s trades in leveraged foreign exchange. Investors in the scheme could also receive referral commissions both from recruiting new investors to the scheme, and from the recruitment efforts of the new investors they attracted.

Two men and one woman, aged between 44 and 61, were arrested on January 8, 2018. The three suspects face charges in State Courts under Section 3 of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act (“MLM Act”) for promoting a prohibited MLM scheme and Section 82 of the Securities Futures Act for not possessing the requisite Capital Markets Services Licence issued by MAS for carrying on a business in a regulated activity.

The penalty for violating Section 3 of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act (“MLM Act”) for promoting a prohibited MLM scheme is a fine of up to $200,000, imprisonment for a term not exceeding 5 years, or both. If found guilty under Section 82 of the Securities Futures Act for not possessing the requisite Capital Markets Services Licence issued by MAS for carrying on a business in a regulated activity, one shall be liable, on conviction, to a fine of up to $150,000, imprisonment for a term not exceeding 3 years, or to both.

The policemen remind the public that, under the Singaporean laws, it is illegal to promote or participate in a multi-level marketing scheme or arrangement or a pyramid selling scheme or arrangement. It also unlawful to carry out their business in any regulated activity without a Capital Markets Services Licence issued by the Monetary Authority of Singapore (MAS), unless otherwise exempted or excluded.

The Singaporean authorities have also been cautioning the public about the dangers associated with binary options trading. In announcement issued last year, MAS advises the public to contact the police in case of suspicions of binary options fraud. The regulator says investors can submit information online to the Police at www.police.gov.sg/iwitness. Alternatively, they may also lodge a Police report via the Electronic Police Centre at www.police.gov.sg/e-services or at any Neighbourhood Police Centre/Post.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<