TriumphFX securities fraud warning issued in Singapore
TriumphFX has received a securities fraud warning from the Monetary Authority of Singapore (MAS).
MAS is Singapore’s SEC equivalent.
On August 4th MAS added TriumphFX to its investor alert list:
MAS classifies TriumphFX as an “unregulated person”,
who based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.
In other words TriumphFX is not registered with MAS, meaning it is offering unregistered securities in Singapore.
MAS’ warning is the equivalent of a securities fraud notice in other jurisdictions.
MAS listing TriumphFX is a little strange. Back in 2015 the Hong Kong Securities and Futures Commission issued its own warning against TriumphFX.
This lead to Leong Koon Wah’s arrest in 2018. Wah’s charge sheet tied him to TriumphFX Global (then operating as Triumph Global).
The outcome of Wah’s criminal case and current status are unknown.
If MAS is issuing a securities fraud warning in 2021, I’m assuming Wah isn’t in prison.
Or if he is, whoever Wah was working with to run TriumphFX is still at large.
BehindMLM reviewed TriumphFX in May 2017. In addition to committing securities fraud, TriumphFX also runs a pyramid scheme primarily targeting Malaysians.
In July 2021 Indonesia banned TriumphFX for suspected investment fraud.
Targeting Indonesian now, very active and aggresive recruit new member with MLM and pyramid scheme. Fake trades to get fake profit in order to get new member by manipulated data in trade confirmation.
And now proudly ranting they have license from 14 countries.
TriumphFX isn’t registered to offer securities in any country, let alone fourteen.
They said they have cysec license number 293/16 but after i checked, the registered name was triumphfx int. (cyprus) limited, domain approved in cysec website was triumphfx.com while in indonesia their website is tfxi2.com and their name in seychellas license is triumph int.(SC) limited.
Is there any possibility they use similar name to legitimate companies to confuse investors?
In the domain approved by cysec (triumphfx.com), if u scroll down until bottom u can see they put their cysec license number while in the current one (tfxi2.com), they don’t dare to put any license number on it.
All the 13 licenses they mentioned, after i check was under name triumph int.(cyprus) limited.
They said they are same company, are they allowed to use different name and domain others than registered with the regulator? As i know, all the details in the register name must be strictly identical.
They operate ilegally in indonesia and getting larger, either the number of members or the sum of money.
But none of their members know the PAMM made fake trades, and even proudly posted the trade report to show us the profit without realize all the data was not synchron to the market.
These are shell companies and TriumphFX doesn’t solicit investment in Cyprus so it’s all meaningless.
I can guarantee there will be no filed audited financial reports either.
With securities you need to register in jurisdictions you solicit investment in.
Hi, please correct this:
It’s Hong Kong, not Singapore.
Thanks for catching that! Slipped through the cracks.
Check out Trust Pilot (independent review website) and search for Triumphfx. Many users are facing withdrawal issues.
Fortunately, those who complain early on this site may get paid back earlier (because TriumphFX cannot simply delete messages on this platform). Unlike Facebook, where they keep deleting complaints.
For those who are afraid of the scheme collapsing and stay quiet, please take note of all the promoters who consistently like the Facebook postings and on linkedin, look for those who endorse Triumphfx by calling themselves employee / investor.
TrustPilot isn’t an independent review site. They don’t review anything. They let users post whatever nonsense they want.
TrustPilot is only useful for confirming a collapse. Beyond that I wouldn’t use it for anything.