SINGAPORE - There are plenty of cautionary tales about mishaps in the financial world but few come with a price tag of $670,000 plus tens of thousands of dollars in legal fees.
This sorry saga began in 2017 when a bank customer, Mr Andy Poh, plunged headlong into an investment on the recommendation of a bank relationship manager at UOB at the time.
Mr Poh sunk US$500,000 (S$670,000) into a British investment company to supposedly earn 7 to 8 per cent of annual returns through its business of giving loans to big institutions.
He did not read the documents he signed but still invested in the company because he had relied on what bank relationship manager Ashley Wong supposedly told him - that the company PixelTrade would continue to do well and that Mr Wong's own colleagues were allegedly also dealing with the firm.
Mr Poh viewed Mr Wong as his friend as he had made substantial bond investments with the bank through his help and guidance.
But about a month after he completed his transfer of funds to PixelTrade, the Monetary Authority of Singapore put the company on its Investor Alert List in January 2018 to caution the public that it was not licensed to do business here.
https://www.straitstimes.com/business/invest/mans-670000-investment-loss-a-cautionary-tale
This sorry saga began in 2017 when a bank customer, Mr Andy Poh, plunged headlong into an investment on the recommendation of a bank relationship manager at UOB at the time.
Mr Poh sunk US$500,000 (S$670,000) into a British investment company to supposedly earn 7 to 8 per cent of annual returns through its business of giving loans to big institutions.
He did not read the documents he signed but still invested in the company because he had relied on what bank relationship manager Ashley Wong supposedly told him - that the company PixelTrade would continue to do well and that Mr Wong's own colleagues were allegedly also dealing with the firm.
Mr Poh viewed Mr Wong as his friend as he had made substantial bond investments with the bank through his help and guidance.
But about a month after he completed his transfer of funds to PixelTrade, the Monetary Authority of Singapore put the company on its Investor Alert List in January 2018 to caution the public that it was not licensed to do business here.
https://www.straitstimes.com/business/invest/mans-670000-investment-loss-a-cautionary-tale
