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On 19 September 2025, Yeo Wei Zhi Lloyd (“Lloyd”), the sole director of Lloyd Capital Pte Ltd ("Lloyd Capital"), was charged in court with the following offences:

1. Six counts of criminal breach of trust under Section 406 of the Penal Code (Chapter 224, 2008 Revised Edition) (“PC”); and
2. Three counts of carrying on a business in a regulated activity of fund management without a capital markets services licence under Section 82(1) of the Securities and
3. Futures Act (Chapter 289, 2006 Revised Edition) (“SFA”). 

Between June 2017 and November 2019, Lloyd, in his personal capacity and through Lloyd Capital, allegedly carried on a business in fund management by undertaking on behalf of investors, foreign exchange (“forex”) trading, leveraged forex trading or management of a portfolio of capital markets products. Neither Lloyd nor Lloyd Capital possessed the required licence issued by the Monetary Authority of Singapore to carry on a business in fund management which is a regulated activity as defined in the Second Schedule of the SFA. 

Between August 2018 and November 2019, 17 investors paid an aggregate sum of $639,406.02 to Lloyd Capital for the purposes of forex investments. Lloyd allegedly misappropriated $441,082.48 of the investment monies for his personal expenses and to repay other investors. 

If convicted, Lloyd faces:

1. An imprisonment term of up to seven years, or a fine, or  both, for each charge under Section 406 of the PC; and 
2. A fine of up to S$150,000, or an imprisonment term of up to 3 years, or with both, for each charge under Section 82(1) of the SFA.