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Singapore Trader’s Lavish Lifestyle Allegedly Fueled By $740 Million Fraud (Bloomberg)
At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-story villa in a posh Singapore neighborhood and a Pagani Huayra supercar reportedly worth more than $5 million.
Ng was charged last month with four counts of fraud for allegedly raising at least S$1 billion ($740 million) from investors for commodity trades that didn’t exist.
Much about Ng and his dealings remains shrouded in mystery. But open court proceedings, interviews with investors and charge sheets by Singapore prosecutors indicate the young financier was able to raise huge sums of money by touting average quarterly gains of 15% –- a track record that would have placed him in the same league as the world’s top-performing hedge fund managers....