On 20 February 2025, Tan Choon Meng ("Tan"), a 51-year old Singapore Citizen, was sentenced to 21 months’ imprisonment, for cheating others by pretending to offer foreign exchange trading facilities through Avantgarde Information Technologies Pte Ltd (“Avantgarde”), and other offences. Tan was also disqualified from driving for 18 months. He was convicted of the following offences:
- Five counts of cheating under Section 420 of the Penal Code;
- One count of consenting to Avantgarde holding itself out as carrying on a business in leveraged foreign exchange trading, when Avantgarde had not been granted a capital markets services licence, under Section 82(1) read with Section 331(1) of theSecurities and Futures Act; and
- One count each of assaulting and using criminal force on a police officer to deter him from discharging his duty under Section 353 of the Penal Code.
19 other offences under the Companies Act, the National Registration Act, the Road Traffic Act and the Penal Code were taken into consideration for the purpose of sentencing.
Between November 2004 and April 2005, Tan pretended to offer foreign exchange trading facilities to others through Avantgarde. He claimed that Avantgarde was associated with a foreign company called GIA Global Limited (“GIA”), and was in the business of providing such facilities through a software called “E-Deal”. To use the E-Deal software, customers would need to deposit monies with Avantgarde and open an account.
At least five victims were induced by Tan into delivering at least $124,610 to Avantgarde for the purposes of foreign exchange trading when in fact, GIA did not exist. Avantgarde also did not maintain any foreign exchange trading facilities and no trades were conducted for any of the victims. Avantgarde had not been granted any capital markets services licence under the Securities and Futures Act. Most of the victims’ monies were withdrawn in cash by Tan’s worker and handed to Tan.
Members of the public are advised not to deal with unregulated entities or persons when they come across investment opportunities. The Monetary Authority of Singapore’s (“MAS”) regulatory framework was put in place to ensure that only competent and professional persons may provide such financial services. If you choose to deal with unregulated entities or persons, you will forgo the protection given under MAS’ regulations.
Always check before you invest.
CHECK THAT THE ENTITY IS REGULATED
Use available resources, including the Financial Institutions Directory, Register of Representatives and Investor Alert List on the MAS’ website (www.mas.gov.sg).
CHECK FOR RED FLAGS
Be wary of opportunities that offer high returns at little to no risk.
CHECK ON THE COMPANY’S BACKGROUND
Verify information provided by the entity about themselves or the investment opportunity, such as the background of representatives and entity’s track record. It is important to ask the entity as many questions as you need to fully understand the investment opportunity. Be wary if it is unable to answer or avoids answering any of your questions.
SINGAPORE POLICE FORCE
27 February 2025 @ 5:35 PM