SINGAPORE: A man who posed as a forex trader was sentenced to 10 years ‘ jail on Monday ( Dec 16 ) for running a S$ 5 million Ponzi scheme that ensnared over a dozen investors, the police said.
Kenneth Kam Boon Hee, 57, was previously convicted on Aug 26 on 63 claims of lying.
The court determined that Kam, the director of Kenn Capital, Kenn Organization International, and Kenneth Kam Pte Ltd., had falsely claimed to be a” powerful” forex trader and had tricked victims into giving him money.
He claimed to have made large profits from his buying, giving off the impression that he could meet the 3 % interest rate promise to his customers in exchange for their loans.  ,
” On this basis, the sufferers lent funds to Kam for him to deal in forex in order to make profits”, authorities said.
Kam had actually been “managing a Ponzi program” and had used borrowed money from other members of the public to pay off the 3 % monthly interest payment.
The merchant received about S$ 5 million in money from investors, according to the authorities.
Kam was first charged in 2020 with 149 works of lying of about S$ 9 million, before being handed additional costs in 2021.
He was accused of 340 cheating counts, four of which included moving benefits from his legal behavior, totaling over S$$ 16 million, according to the police.
The prosecution of Kam continued with the 63 counts of lying against 14 victims who had lent funds to him, according to the police.