Though it seems to be a Malaysian MLM firm primarily being promoted to Malaysians, breadcrumbs counsel TriumphFX may be the work of Singaporean scammers.
Earlier right this moment, a BehindMLM reader pointed me to a Singapore Securities and Futures Fee warning towards Triumph World (Asia) Restricted, also referred to as TFX World.
The SFC’s warning was issued again in August 2015. Whereas the corporate names are completely different, one of many cited web site domains, “tfxi.com”, is similar utilized by TriumphFX right this moment.
Our subsequent breadcrumb is the 2018 arrest of Singaporean scammer Leong Koon Wah (aka Hermes Leong).
Singapore’s authorities charged Wah for his position of founding father of the SingliForex Ponzi scheme.
As is commonly the case with arrests in non English talking jurisdictions, we don’t have a followup on what occurred to Wah’s case.
Our third breadcrumb nonetheless is Wah’s chargesheet, which tied him to Triumph World.
The cost sheet acknowledged that he induced clients to put money into a “leveraged” international alternate buying and selling scheme with Hong Kong-incorporated Triumph World (Asia) Restricted and New Zealand-incorporated Union Markets Restricted, though the 2 corporations weren’t concerned in any real international alternate buying and selling actions.
In addition they had no sustainable technique of funding the returns to clients.
Triumph World brings us full-circle again to the SFC’s 2015 warning.
Singaporean authorities cite Leong as a member of Triumph World’s “administration committee”.
It appears after the SFC’s warning, Leong and whoever he’s working with renamed Triumph World to TriumphFX.
The fictional company tackle in Singapore was additionally dropped, in favor of shell firm registrations within the BVI and Vanuatu.
Vanuatu not too long ago caught on deregistered “Triumph Int. Restricted” again in Might:
The BVI is a scam-friendly jurisdiction so it’s unlikely something will occur there.
The takeaway from all this although is that TriumphFX is a fraudulent enterprise run by serial scammers – at the very least considered one of whom has beforehand been arrested in Singapore for fraud.
Replace twenty ninth March 2022 – Leong Koon Wah’s trial in Singapore kicked off on March twenty eighth.
In early 2014, Singliworld began soliciting buyers for its Singliforex scheme.
Buyers had been anticipated to fund accounts with both Triumph World or Union Markets and weren’t allowed to conduct their very own trades however hand them over to skilled merchants.
These merchants and foreign exchange trades didn’t exist, argued prosecutors, and buyers had been despatched false statements that confirmed trades had taken place.
It’s unclear whether or not TriumphFX will shut down if Wah is sentenced to jail. I’ll maintain an eye fixed out for a verdict.