Father and son sue bank over trading losses
He was a 19-year-old full-time national serviceman when he and his businessman father opened a joint investment account at a private bank in July 2006.
Two years later, Mr Ian Ow Tuc Yun used the account to trade in futures and racked up losses of close to $900,000 in a space of nine months.
Now, the 26-year-old student and his father Ow Weng Fye, 63, are seeking $2.6 million in damages from the Singapore branch of Credit Suisse, in a lawsuit that opened for hearing yesterday in the High Court.
They assert that their relationship manager Aaron Chwee Toh Yee - named as the second defendant in the suit - had misled and manipulated the naive son into making the trades, while keeping the father in the dark.