Fok Fook Seng, better known as Fred Fok, has been fined $71,000 for promoting the OneCoin Ponzi scheme in Singapore.
Fok (right) was charged with promoting OneCoin between January 2016 and June 2017. He was convicted earlier this week.
Fok promoted OneCoin through his Facebook group OneLife One World Team Singapore.
Police state that as of June 2017, Fok had 1180 Singapore residents in his OneCoin downline.
OneCoin marketing credits Fok as a OneLife “Asia Pacific and GLG Inner Circle Leader”. He continued to promote the Ponzi scheme until May 2020.
Singapore’s government issued a OneCoin Ponzi warning back in May 2018. In April 2019 Singapore authorities made two arrests.
I believe Fok was one of those arrests. Channel News Asia report;
Another man who was promoting the scheme has also been charged with the same offence.
He faces an additional charge for incorporating a company to promote the multi-level marketing scheme.
Court proceedings for that case are ongoing.
Pending the outcome of that case, stay tuned…
Update 22nd January 2021 – Fred Fok’s accomplice, Terence Lim, has been sentenced to six months in prison.