Two Malaysian scammers behind SingliWorld and TriumphFX have been jailed.

On January 3rd, Leong Koon Wah and Ng Kuan Chuan were sentenced to ten years and six months and seven years and six months respectively.

On the money side of things Wah, aka Hermes Leong, has been ordered to pay $3.6 million. Chuan is up for $300,000.

If Wah doesn’t pay up he’s facing an additional eighteen months in prison. If Chuan can’t pay he’s facing an additional six months.

Wah, Chuan and four associates were arrested back in 2018. Singaporean authorities charged the scammers in relation to Singliworld, a forex scam that pitched investors on up to 13% a month.

Wah’s and Chuan’s trial began  in March 2022. The status of the other four accomplices is unknown.

In addition to SingliWorld, Wah was also behind Triumph Global, which would later become TFX Global and Triumph FX. Chuan is tied to both SingliWorld and Triumph Global.

BehindMLM published multiple articles on TriumphFX, with our original 2017 review garnering over 130 comments.

We additionally reported on TriumphFX regulatory action from Indonesia, Singapore, Malaysia, Australia and Canada.

TriumphFX collapsed in late 2022, following non-payment of investor withdrawals for weeks.

The majority of SingliWorld and TriumphFX victims were from Singapore and Malaysia.

Total losses across SingliWorld and TriumphFX, as accepted by the Singapore court, totalled $13.7 million confirmed from over $21 million solicited from consumers.