A clearer image of Torque Buying and selling’s collapse is rising.
Within the lead as much as the collapse, CEO Bernard Ong was displaying off high-priced purchases on social media.
Screenshots of Ong’s Instagram account reveals a late 2020 buy of a Mclaren 600 LT.
Ong relies in Singapore. A fast search reveals the 600 LT goes for about $664,000 regionally.
Along with a elaborate automobile, Ong additionally not too long ago confirmed off what he claims was an costly wanting birthday reward.
Ong would later have fun is his birthday with high Torque Buying and selling traders and a “cash cake”.
Within the aftermath of Torque Buying and selling’s collapse, Ong has made his Instagram profile personal.
It goes with out saying the ~$664,000 McLaren is only a snapshot of the quantity Ong and his co-conspirators made off with.
Now in search of to downplay wealth extracted from Torque Buying and selling traders, Ong placed on a somber facade in a video made public yesterday.
Studying from a script, Ong (proper) guarantees to maintain Torque Buying and selling victims up to date.
We’ll be updating you each day till the state of affairs stabilizes. With updates of our investigations and each reason for actions.
We want a while and your endurance to permit us to work by means of this.
Moderately than simply admit Torque Buying and selling was a Ponzi scheme that was operating or ran out of cash, Ong continues Torque Buying and selling’s dangerous trades facade exit-scam.
All our assets and focus are spent on determining particulars of how this might have occurred.
We’ve acquired over 4 hundred emails and the quantity continues to develop by (the) hour.
Our assist crew is responding to every e-mail with the data we’ve got up to now.
Final evening we analyzed the commerce logs for the previous week.
The image stays supportive of our preliminary evaluation, {that a} single senior worker took leveraged positions that ran counter with our standard advertising buying and selling methods.
There’s an enormous quantity of knowledge to get by means of for the over 300 crypto buying and selling sub accounts, that we’re at present reviewing.
We have now no discovered any foul play, or any felony appropriation of buyer funds.
We’re nonetheless scanning actively for any such proof, and if we discover any we’ll interact legislation enforcement.
Ponzi admins pretending they aren’t exit-scamming is laughable sufficient. Ong promising to interact legislation enforcement pushes it over the hilarity line.
Hello, Singapore police? Bern Ong right here, CEO of the unlawful Torque Buying and selling Ponzi scheme.
I’d wish to report myself and my buddies for stealing investor funds and exit-scamming.
As a part of Torque Buying and selling’s exit-scam, Ong claims backoffice balances will likely be slashed by 90%.
How a lot of the remaining 10% stability, if any all, will then be withdrawable is unclear.
I apologize that this has occurred. We’re doing the whole lot we are able to to save lots of your curiosity.
We’ll do higher to regain your belief.
Ong finally ends up by thanking Torque Buying and selling victims who’ve purportedly despatched him “messages of assist”.
Singapore isn’t identified for lively regulation of MLM Ponzi schemes. It’s unclear whether or not native authorities will take any motion.