Fok Fook Seng, higher referred to as Fred Fok, has been fined $71,000 for selling the OneCoin Ponzi scheme in Singapore.
Fok (proper) was charged with selling OneCoin between January 2016 and June 2017. He was convicted earlier this week.
Fok promoted OneCoin by way of his Fb group OneLife One World Staff Singapore.
Police state that as of June 2017, Fok had 1180 Singapore residents in his OneCoin downline.
OneCoin advertising credit Fok as a OneLife “Asia Pacific and GLG Inside Circle Chief”. He continued to advertise the Ponzi scheme till Could 2020.
Singapore’s authorities issued a OneCoin Ponzi warning again in Could 2018. In April 2019 Singapore authorities made two arrests.
I imagine Fok was a type of arrests. Channel Information Asia report;
One other man who was selling the scheme has additionally been charged with the identical offence.
He faces a further cost for incorporating an organization to advertise the multi-level advertising scheme.
Courtroom proceedings for that case are ongoing.
Pending the result of that case, keep tuned…
Replace twenty second January 2021 – Fred Fok’s confederate, Terence Lim, has been sentenced to 6 months in jail.