They made between $7 million and $10 million before their Ponzi scheme collapsed
A Singaporean couple involved in a Ponzi scheme has been ordered to return HK$36.6 million to an investor after promising lucrative returns from “sure-win” gambling methods at casinos.
However, when the scheme collapsed in September 2014, it was revealed that the profits were largely sustained by new investments rather than actual gambling success. They accounted for 70% of the scheme’s revenue from selling packages to new investors and were known as “Teacher Ken” and “Teacher Sally” among other participants.Mark Chay asks Edwin Tong the rationale for ceasing jackpot fruit machine operations for Singapore Premier League clubs
When the scheme failed, Ms Chan sought to recover her money. However, Mr Wan and Ms Ho responded “they had none,” offering no solutions. However, they were later photographed in a Macau newspaper with Mr Peter Ong and large amounts of cash, which suggested ongoing involvement with the scheme’s founders.Ms Chan initially took legal action in Singapore, filing a lawsuit in August 2018 against Mr Wan, Ms Ho, their asset management firm Strategic Wealth Consultancy, and Ms Ho’s brother Sebastian.
They described this case as a classic example of such fraud and argued that the law should not excuse perpetrators merely because they exploited the gullible or greedy.Wang Lei once struggled with $300K gambling debts and targeted by 11 loan sharks, sings about the horrors in Namewee's new ‘The 20th Floor’ MV
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