was ordered to spend 1\u00bd years behind bars in 2021<\/span><\/a>.<\/p>\nThe DPPs said the three men incorporated Prive in April 2013, and they agreed it would sell shares to investors in exchange for investment capital.<\/p>\n
According to court documents, these shares entitled investors to annual dividends, and their capital investments were guaranteed. <\/p>\n
Investors were also told that their capital would be used to invest in items such as foreign exchange.<\/p>\n
Prive later collected more than $1 million from 17 investors, largely made up of Cheng\u2019s friends and family members.<\/p>\n
The money was deposited into Prive\u2019s bank account.<\/p>\n
The court heard that $100,000 was withdrawn from it on or around May 30, 2013.<\/p>\n
Peh then misappropriated the amount by depositing it in his own bank account. He then used the money on his own expenses.<\/p>\n
In mid-2013, he proposed to Cheng and Loh that they could start an offshore company to manage funds for investors. <\/p>\n
On Aug 30, 2013, Zabel was incorporated in the British Virgin Islands, with Peh and Loh as its registered directors and shareholders. <\/p>\n
In December that year, Peh spoke to his uncle, who was then an executive director at UOB Kay Hian \u2013 one of Asia\u2019s largest brokerages, said the DPPs.<\/p>\n
Peh told his uncle that he was interested in working as a dealer at UOB Kay Hian and the uncle later interviewed him for the position.<\/p>\n
In February 2014, Peh started working as an equity dealer with UOB Kay Hian in his uncle\u2019s team.<\/p>\n
Due to his position at UOB Kay Hian, Peh relinquished his directorship of Zabel and had his shares transferred to Loh.<\/p>\n
However, Peh continued to make trading decisions for Zabel and take part in its management.<\/p>\n
In or around April 2014, Zabel took over Prive\u2019s operations and investors.<\/p>\n
From April to June that year, Zabel solicited investors to invest in funds it managed, including one known as Zabel Assured Sovereign 12 (ZAS12).<\/p>\n
To obtain investments for Zabel, Peh lied to parties including Zabel\u2019s investors, claiming that ZAS12 was associated with and\/or supported by UOB Kay Hian.<\/p>\n
In reality, UOB Kay Hian was not aware of Zabel\u2019s business activities at the time.<\/p>\n
Peh also arranged meetings in UOB Kay Hian\u2019s office to make it appear as though his claims were true.<\/p>\n
Between April and June 2014, at least 12 investors were duped into investing in ZAS12 and delivered more than $5.8 million in total to Cheng\u2019s UOB Kay Hian account.<\/p>\n
On or around May 22, 2014, Peh also duped Cheng into believing that Zabel had to pay UOB Kay Hian a 5 per cent commission.<\/p>\n
Cheng then gave Peh a cheque from his bank account addressed to \u201cUOB Kay Hian\u201d for a purported commission of over $156,000.<\/p>\n
The DPP said: \u201cAfter receiving the cheque, (Peh) indicated on the back that it was to be deposited into (a UOB Kay Hian account in his mother\u2019s name). <\/p>\n
\u201cIn fact, (Peh) controlled this account and used it for his own trading. He received this sum for his own personal use.\u201d<\/p>\n
On July 1, 2014, UOB Kay Hian lodged a police report against Zabel, Prive, Peh, Cheng and Loh for soliciting investments from others while falsely representing that such investments were related to UOB Kay Hian. <\/p>\n
Two days later, the Commercial Affairs Department started its investigation and UOB Kay Hian terminated Peh\u2019s employment for serious misconduct.<\/p>\n
Besides these cases, court documents stated that Peh also carried out other instances of investment fraud.<\/p>\n
In total, he solicited around $15 million from at least 96 investors.<\/p>\n
The DPPs said: \u201cWhile some of the monies were recovered through swift action by the authorities, or unknowingly fortuitous withdrawals by investors, a substantial loss of approximately $6 million remains.\u201d<\/p>\n
Peh was later charged in court and released on bail of $150,000 in March 2021.<\/p>\n
In August 2022, he was granted permission to leave Singapore to travel to Malaysia on a regular basis for work purposes. <\/p>\n
But in November that year, he decided not to return to Singapore as he did not want to face the consequences of the criminal proceedings against him.<\/p>\n
The Royal Malaysian Police arrested him the following month and he was brought back to Singapore soon after.<\/p>\n<\/div>\n
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