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Thursday, 22 July 2010

Smart Money Grabbers over dummy investors - III

Read? Smart Money Grabbers over dummy investors - II

Kishore M Gets Reprimand from MAS

Createwealth8888: Then we have Kelvin Han, now we have Kishore kena reprimand from MAS, and who's next? Sometime, some retail investors need to step back and ask why do these people want to share their Magic Stone or Magic Goose that lays golden eggs for a few thousand bucks? Does it make any moneysense? I don't really know.

Jailed for acting as fund manager without licence


By Khushwant Singh

ADDITIONAL CHARGES: Han could not repay the $718,000 he lost and was declared a bankrupt on Jan 19 last year. Even after that, he got involved in three firms. For this, he was jailed for another month.

TRAINING firm Zone Financial was set up to teach people how to trade futures contracts and indexes.

But it acted as a fund manager between May 2004 and August 2006, collecting nearly $4 million as personal loans from 32 people.

Its managing director, Kelvin Han How Yong, 28, was yesterday jailed for five months after pleading guilty to allowing the firm to engage in fund management without a capital markets services licence from the Monetary Authority of Singapore (MAS).

Han would persuade participants at his training sessions to invest in a fund - called Kelvin's Fund - for periods ranging from a few weeks to six months.

The money was used to trade futures contracts and indexes and he promised his clients returns of 1 per cent to 5 per cent per month, depending on the amount they put in.

By the time he resigned as managing director in August 2006, he had lost about $718,000.

Two months later, the Commercial Affairs Department began investigations after several people reported to the police that Han had cheated them into investing various sums of money.

Han could not repay the money lost and was declared a bankrupt on Jan 19 last year.

He has yet to make any restitution of the $718,000 he lost while the remainder of the sum invested has been returned to the investors.

Even as a bankrupt, Han was not done yet. Although bankrupts are not allowed to engage in the management of companies without the permission of the court or the Official Assignee, Han got involved in three firms almost immediately. For this, he was jailed for another month.

The court heard that Han had asked his father, Mr Han Koon Siong, to set up event management firm Cronwell in November 2006 with a paid-up capital of $1. Between January and August last year, he took charge of the firm and managed it.

Two other charges of acting as a director of AOL Capital and Rimson Investments last year were considered by the judge when deciding on the sentence.

Zone Financial was also fined $20,000 for offering fund management services without the appropriate licence. The firm has since become inactive.

The MAS said there are 110 firms holding capital markets services licences.

37 comments:

  1. This Kelvin Han How yong has never stopped, in Jakarta he also conned his students and gather more than $1million. Not bad for a sweet talker, pretending to be cashed up trading all his students money and lost them all as he claimes, who knew! Now he ran away back to Singapore and still teaching v3go whatever they call it with his new company. its funny how a bankrupt can run free stealing people's money in Singapore still. What bankrupt can trade and not getting the ideas he will lost your money? Hopefully he is jailed for the second times!

    ReplyDelete
    Replies
    1. People in indonesia, beware!

      He is currently barred from Indonesia. So he has sent his staff, Shuka Kozakura to gather people to scam and now hes brought in this William Ong to continue his scam legacy.

      BEWARE!

      Delete
  2. OMG!!! my friend got conned too in Jakarta! this guy is a serius conman, looked fat and charming, try to climb up the social ladder in Jakarta but has no money, rather pretend to be splendid spending his students money. In Singapore live in HDB flats with parents, in Jakarta lives in dormitory... but spending on Karaoke like BIG BOYS! claimed himself to be the greatest trader. In SG also sued by many, in Jakarta also sued,the problems are his investors are not united, poor investors.

    ReplyDelete
  3. The newspaper reported did not report correctly la. That joker only lost $718K? what rubbish! Kelvin Han scammed more than $4m from his Singapore students in 2006-2007 and was made a bankrupt for this amount. Continued to living a high life since (running his ponzi) despite being a bankrupt and telling the OA he has no money to make repayments! The name is Kelvin Han How Yong! Don't say I never warn... beware!

    ReplyDelete
  4. The purpose of my posting is to let innocent people seeking to improve their investing skills and knowledge is to open your eyes wide and not to trust too easily especially when you have to pay a few thousand bucks for a few days course and with the promise of life time support and forum participation.

    If you like to participate in forums, cboxes and read blogs, there are too many around in Singapore; but only a few are truthful in their sharing by people putting in their real hard-earned money on real trades and not what I think it is going to like this or like that.

    Talk is damn bloody cheap. Don't talk. Show me your money. LOL

    So choose with your eyes open too.

    ReplyDelete
  5. I think "history repeated" once again in jakarta, now he is run away with his graduates money. Sucks! Low life class scumbag!

    ReplyDelete
  6. This guy come out again! Now called TradewitheBoys on facebook.. damn shameless

    ReplyDelete
    Replies
    1. (source: Commercial Affairs Department Annual Report 2016)

      PP V KELVIN HAN HOW YONG
      On 23 November 2016, Kelvin Han How Yong (Han) was charged in court for carrying on a business in fund management without a Capital Markets Services licence under Section 82 of the Securities and Futures Act.

      It is alleged that from October 2011 to May 2015, Han had been involved in the management of V3GO Investment Pte Ltd, a company which offered courses in forex trading and investment techniques. He is further alleged to have engaged in financial investments for his students when he did not possess the necessary licence to do so.

      Being an undischarged bankrupt, Han had to seek permission from the Official Assignee to manage the business, which he allegedly did not. Another charge under Section 148 of the Companies Act was transferred against him for managing V3GO Investment Pte Ltd as an undischarged bankrupt.

      Delete
    2. DO NOT believe this shameless person. He used the same con shit stunt in 2008. after release, did it again in 2016. Seems like he is so used to going to jail that despite being charged twice using the same cheating stunt, he is now doing the same using tradewitheboys, PGL Oriental Holdings Pte Ltd, ThePhoenix System, PSV3 and all kinda of names.

      BEWARE! Beware of this SHAMELESS person who does not repent yet continue to CHEAT more peoples' money.

      Delete
    3. managed to find the link and dl the above source: Commercial Affairs Department Annual Report 2016 on PP V KELVIN HAN HOW YONG

      https://www.police.gov.sg/~/media/spf/files/publications/pdf/cad_ar2016_web%20version.pdf

      Delete
  7. Found an old email from Kelvin Han to his victims during V3Go days before he went to jail & discussion among his victims in the link.

    http://bbs.huasing.net/bbs.php?B=147_10974863

    From: kelvin han [mailto:kelvinhan008@yahoo.com.sg]
    Sent: Friday, November 23, 2007 8:25 AM
    To: v3go
    Subject: I'm going to attend Court today and see if I can be release on Bill.

    Dear All,

    Apology for not updating much since but I have been working very hard over the last 6months. Working day and night.

    From the success from my blog and recent courses, I know that I'm definitely able to deliver my promise to you - to return everyone's money in 3-4 years time. I'm really confident.

    But unfortunately, yesterday I got an unexpe cte d move from CAD to attend Court today.

    The good part is that after the investigations, my charge on intention " Cheating" is dropped but will be charged with no license in Fund Management.

    ( Dear All, you have know me, I really didnt cheat anyone and I still want to give back everyone's money by end of the day as I really treasure your friendship. I really hope for your forgiveness )

    For this charge, I might need to be on bill but based on the my lawyer's expectation, the bill could be astronmical level for me. Possible S$150,000!

    My total entire family fortune has less than S$10,000. We really dun know what to do.

    Therefore, unless miracle is to happen, if not, I will be in remand in Queenstown until the case starts.

    I think its important to update everyone as I really feel guilty since the unfortunate event.

    I really hope that you can forgive me.

    I'm going to court now.

    I hope I can update you again.

    Please take good care of yourself and send my most sincere regards to your family and tell them I'm really sorry. If I can get away, i will do my best to return every single cent to you.

    Regards
    Kelvin Han

    ReplyDelete
  8. If U are Chinese U should know the saying "where got so many bullfrogs junping all over the street"?

    Say that in Cantonese sound best, i think.

    ReplyDelete
  9. BREAKING NEWS:
    KELVIN HAN HOW YONG IS GOING TO JAIL AGAIN - IN 100 Hours!

    I think the ugly toad can not find a hole big enough to hide his toad face so he sheepishly wrote he is going on TOADBATICAL (SABBATICAL) LEAVE. RFLOL

    ReplyDelete
  10. insider news is juicier than the watermelon

    I happened to come across this thread in Quora.
    https://www.quora.com/Has-anyone-encountered-Forex-Trader-Kelvin-Han


    I am writing this openly and truthfully to bring light of Kelvin Han to you. With the sharing of such deep and intimate information I knew about him, he can easily figure out who I am but I know the justice is fair and just.

    The mystery of Kelvin Han’s dark past has vexed us all hitherto; perhaps I am able to shed light upon this matter.

    Kelvin Han adores the Phoenix icon for what it symbolizes-rising as a winner by defeating life challenges. This is the story of his life that he likes to portray to others who are unaware of his dark past. But I really have to give it to Kelvin Han for his strong faith in believing the never-say-die spirit of a Phoenix. Even with a dark past that he was ashamed of, he used his honeyed words to tweak the situation around to make him looks good and innocent again.

    I am someone who used to be his confidante and partner, one of the many people who have trusted, supported him financially and emotionally. Unfortunately, I was also one of those few people whose reputation has been marred by him.

    What he has given me and many others were emotional distress, financial debts, flawed reputation and unresolved anger in return for the trust and kindness bestowed unto him. He took advantage of people’s kindness and trust in him and betrayed them in so many ways:

    1. Extravagant and promiscuous spending in high-class KTV nightclubs; sleeping around even though he has a girlfriend.

    Matter of fact, I would not be judging him on this if he was to spend his own money on such ego boosting, money flaunting and attention seeking entertainment but then spending your investors’ hard-earned money on such entertainment is pejorative.

    1. Borrowed money to return his ex-girlfriend

    2. Borrowed money to pay his office rental

    3. Never return the personal bank loan took under the girlfriend’s name as he does not qualify for one.

    4. Invested five-figure sum of money to trade on the behalf of his girlfriend’s father.

    Contractually, he has to stop trading once he loses half the invested amount however he chose not to, thinking that he would be able to recoup. Unfortunately, he lost every cents of mine. Again, he never returned a single cent to the girlfriend’s father and there was no apology nor remorse over his losses.

    5. Unauthorized access to the girlfriend’s online banking account to transfer money to himself. Not once but repeated times even after quarrels with him over this.

    6. Borrowed money to pay for his speeding fine. If not for girlfriend’s kind loan, he would have been held in remand.

    7. Ditched his girlfriend (who went through thick and thin with him for more than 4 years) for a KTV hostess. In order to savage the embarrassing cheating affair and portrayed himself as a Mr Nice Guy, he went around telling tales to mutual friends and his girlfriend’s parents that she was mentality and emotionally unstable as the reason for the breakup, even suggesting to send her to IMH (Institute of Mental Health). I shall leave it to your discretion to determine his character for such action. When it comes to love relationship, there is no right or wrong however as a gentleman and you did wrong to the poor girl first; why not leave her alone and not turn things upside down to tarnish and destroy her. Pretty nasty for a lady to go through such trauma.

    When you see how much money was loan to him but yet he claimed that he used to be a millionaire on his blog, I am appalled.

    ReplyDelete
    Replies
    1. continue from above....



      So let me have the honor to set his record straight:

      1. He told the local newspaper that he was a millionaire but he was never a millionaire. Unless he considers his investors’ money his, then yes.

      2. When the money is not yours, there are no qualms about spending it. It does not matter if a hefty tip is forked out or running a huge tab at KTV nightclubs. When the money is not yours, you are not bother by how you spend it? What you don’t earn through hard work and sweat is frittered away mercilessly without an ounce of guilt.

      3. He never owned any landed property. The landed property he said he owned and stayed in belonged to his grandfather who scrimped and save to buy. Unfortunately, was mortgaged twice to help him clear his snowballing debts.

      Today again, he dons on the vigilante mask with the intention of helping people to make money by teaching his trading system. I will not be surprised that he has approached these people for money to trade on their behalf.

      I can vouch that he is an outstanding salesman with his honeyed coated words and Mr Nice Guy front. He is persistent in presenting himself as being greater than what he actually is from within. He who proudly announces to the whole world that he is a simple LEO; a zodiac sign driven by the desire to be loved and admired, most importantly loves to be the spotlight to seek attention. I must admit these positive traits fit him perfectly; he has the desire to attain his goals as quickly as possible, at all expense. In his eagerness to become successful which he believes that all LEO are born to be; he somewhat forgotten that he is just the pompous SIMPLE LEO where the ambitiousness of his schemes, extreme arrogance, egotistic and haughtiness are the uncontrolled impetuosity that continues to bring him down.

      All I can say is that if he still doesn’t admit and learn from his past mistakes, the only ashes he is rising from are made up of many people’s misery, pain and financial losses. Because his so-called life challenges that he has faced in the past are caused by his extreme ego, greed and lack of responsibility and integrity. And when he continues to make the same mistakes, the consequences are not only for him to bear, but also his family, loved ones, friends and innocent victims.

      I hope that he gets to see this post of mine so that he will reflect on himself during his enforced “sabbatical leave”. Second chances are only given to those who are truly remorseful.

      And Kelvin Han, if you are reading this, you know whatever I have written is true. You know the list of things you did is not limited to the ones I have revealed.

      Taking the quote from the anonymous - “People who create their own drama deserve their own karma. Those who hurt you will eventually screw up themselves. Remember what you do now will come back to you in the future. Life has a funny way of making you deal with what you make other go through”

      Delete
  11. Moral of the any real or imagine story always beware of people capable of "U qiang hua teow".

    If U happen to be mesmerised, just too bad.

    Touch wood!

    ReplyDelete
  12. Actually, when i was about 20+, Singaporeans was not financially savvy at all.

    So many fly by night fund investment companies came to Singapore.

    i joined one unknowningly as i was keen to learn more about investment world.

    The "CEO" of this company would always give a pep talk early in the morning, firing up his group of "swindlers" before let them lose.

    They would target people who got money but no time for anything.

    These people targeted were doctors, small shop business owners, high wage earners, etc..

    They would be convinced they could make a lot of money from allowing them(aka commodities future trading snake-oils sale man) to trade for them.

    Those victims who really made some money in the beginnings would even lost more money in the end as thier appetide for greed had been fired up.
    They would put in more money when asked.

    To make my story short, U may ask who among recruited futures traders were sucessful making a lot of money for themself and almost zero for thier clients.

    Yes the people who are capable of "U Chiang Hua Teow".

    Me learned a lot from observing first hand as one of the apprentice but discover i don't have the gift of "U Chiang Hua Teow".

    i was a failure there but learned a life lesson that money can't buy.


    FUTURE COMMODITIES TRADING ANYONE?

    ReplyDelete
  13. Human's behaviour/psychology never changed till this World passed away, i believešŸ¤—šŸ˜“šŸ˜Ŗ

    ReplyDelete
  14. Boy! the "CEO" of company was from HK.

    He really a first class motivational(U Chiang Hua Teow) speaker which i had come across!

    There was one more i came across at Suigei Rd who almost conned me to buy a thing that i did not want actually from the cheaper thing that i wanted.

    And of course some insurance sale personals when i was ignoramously young.

    ReplyDelete
  15. So whenever i come across such speaker, my receiving aerial on full alert!

    ReplyDelete
  16. Now maybe "SMOL" really understand why i say he makes a very good friend but a dangerous enemy!

    LOL!

    No offence intended!

    ReplyDelete
  17. He already was at IKEA and all over the world where company posted him to.

    Lucky him gifted with "golden mouth" plus ability to read people quite accurately.

    And never forget here too - 101%.
    That's why so many people can't resist to come here again & again.

    At one time, i was bored then don't know why sill come leh!?

    Must be due to his golden mouth and psychology?

    ReplyDelete
  18. Of course i mean SMOL's site.

    Here i learned a lot of knowledge and experiences.

    Once a while i do pop in at Millennial's sites but find it too "high brow" most of the time.

    Yes no one can be as "entertaining" at the same time worldly wise and book knowledgeable as "THE TALK MALE CHICKEN KING".

    My salute!

    ReplyDelete
  19. And thank Q, CW, allowing me to blow cow for SMOL here.

    ReplyDelete
    Replies
    1. Your experience sounds very familiar to what this scamster, Kelvin Han is doing. at one point of time, his business was so bad that he has to pasar malam his course. being an ex-convict, really hard to get sales, Now, Kelvin Han pushed a fat guy to front the company, PGL. he called himself Yong, who is stock trader. Strangely, 1 system can be used across all tools like forex and stocks. but the weird part is Kelvin Han pushed Yong to front PGL like poster girl but Kelvin Han will claim that he is the creator and did most of the talking and trading? so the Yong is a spare tyre?

      Delete
  20. I have been reading up over the weekend. Thank you for all the inputs.

    Gaining more insights everyday.

    I can't help but notice that some comments (surprisingly, act in unison) are pushing some agenda by bashing this trainer

    Come on. What do you get for tarnishing his reputation?

    Hmm.

    ReplyDelete
    Replies
    1. tarnishing his reputation to save many innocent people money. This scumbag never change its spot. still cheating people money. Kelvin Han How Yong is currently in jail AGAIN for the 3rd time. GOD knows how many time he want to scam people, how many times he must go to jail.

      one of students has spoken, read how he scam old uncles and aunties AGAIN!
      https://forums.hardwarezone.com.sg/money-mind-210/warning-about-stocks-forex-guru-trading-courses-market-5294637.html#post120948740

      Delete
  21. eh, are you one of his lackeys or are you HIM?

    ReplyDelete
  22. This comment has been removed by the author.

    ReplyDelete
  23. I think they once even commented that a group wanted to purchase their system for 500K which kept me thinking why didnt they just sell it

    ReplyDelete

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