Although it appears to be a Malaysian MLM company primarily being promoted to Malaysians, breadcrumbs suggest TriumphFX might be the work of Singaporean scammers.

Earlier today, a BehindMLM reader pointed me to a Singapore Securities and Futures Commission warning against Triumph Global (Asia) Limited, also known as TFX Global.

The SFC’s warning was issued back in August 2015. While the company names are different, one of the cited website domains, “txfi.com”, is the same used by TriumphFX today.

Our next breadcrumb is the 2018 arrest of Singaporean scammer Leong Koon Wah (aka Hermes Leong).

Singapore’s authorities charged Wah for his role of founder of the SingliForex Ponzi scheme.

As is often the case with arrests in non English speaking jurisdictions, we don’t have a followup on what happened to Wah’s case.

Our third breadcrumb however is Wah’s chargesheet, which tied him to Triumph Global.

The charge sheet stated that he induced customers to invest in a “leveraged” foreign exchange trading scheme with Hong Kong-incorporated Triumph Global (Asia) Limited and New Zealand-incorporated Union Markets Limited, although the two companies were not involved in any genuine foreign exchange trading activities.

They also had no sustainable means of funding the returns to customers.

Triumph Global brings us full-circle back to the SFC’s 2015 warning.

Singaporean authorities cite Leong as a member of Triumph Global’s “management committee”.

It seems after the SFC’s warning, Leong and whoever he’s working with renamed Triumph Global to TriumphFX.

The fictitious corporate address in Singapore was also dropped, in favor of shell company registrations in the BVI and Vanuatu.

Vanuatu recently caught on deregistered “Triumph Int. Limited” back in May:

The BVI is a scam-friendly jurisdiction so it’s unlikely anything will happen there.

The takeaway from all this though is that TriumphFX is a fraudulent business run by serial scammers – at least one of whom has previously been arrested in Singapore for fraud.