Ex-financial consultant admits to cheating 25 people who transferred nearly $1.3m to him
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SINGAPORE – A former financial consultant has admitted to using fictitious investment opportunities to cheat 25 people, receiving bank transfers from them totalling $1,275,500 to his account.
Ong Ka Yong, 36, ran his scheme for more than a year from April 2020 until he turned himself in. He made a police report on Oct 20, 2021, stating that he wanted to turn himself in as he had breached the trust of multiple people, including his friends and clients.
Ong, who used to work at Manulife Financial Advisors and Beyond Consultancy, pleaded guilty in court to 11 counts of cheating on Wednesday. Fourteen other similar charges will be considered during sentencing.
The offender, also known as Aeden Ong, approached one of his Manulife clients on Aug 24, 2020, telling her of an investment bond purportedly offered to only Manulife employees, and claiming that he would extend it to her by using his employee code.
He also told her that if she invested $5,000, she would receive a dividend payout of $187.50 every month for six months, with her capital guaranteed. The woman transferred $5,000 to Ong, and received the promised dividend payouts totalling $1,125, as well as her capital, six months later.
Deputy Public Prosecutor Pavithra Ramkumar said the bond was fictitious, and Ong had instead wanted to invest the woman’s money in forex trading.
Ong approached the same woman again on April 23, 2021, and asked her to invest in the same fictitious bond. She agreed and transferred another $5,000 to him. She later received four dividend payouts totalling $750. On Sept 18, 2021, Ong approached her with another fictitious investment opportunity, claiming that if she invested $5,000 for two weeks, she would receive a dividend payout of $375, with capital guaranteed. She transferred another $5,000 to him. However, she did not receive any dividend payouts and did not get her capital back, losing $8,125 in total, according to court documents.
Ong also duped other people using a similar method.
He paid out $267,856 as “dividends and capital returns” on their “investments” in all, but has made no restitution for the remaining $1,007,644, the prosecution said.
Ong’s mitigation and sentencing are expected to take place on Sept 5.
