Company director charged with misappropriating over $400k intended for foreign exchange investment

A company director has been charged with misappropriating over $400,000 intended for foreign exchange (forex) investments, on Friday (Sept 19).

In a statement on Sept 19, the police said that Yeo Wei Zhi Lloyd, sole director of Lloyd Capital Pte Ltd, was charged in court with six counts of criminal breach of trust. 

Additionally, he faces three counts of carrying on a business in a regulated activity of fund management without a capital markets services licence.

According to the police, Yeo allegedly operated a fund management business both personally and through Lloyd Capital between June 2017 and November 2019.

This included handling forex trading, leveraged forex trading, and managing portfolios of capital market products on behalf of investors.

Between August 2018 and November 2019, 17 investors paid a total of $639,406.02 to Lloyd Capital for the purpose of forex investments. 

Yeo allegedly misappropriated $441,082.48 of those funds for personal expenses and to repay other investors.

If convicted, he faces up to seven years' imprisonment, a fine, or both for each charge of criminal breach of trust. 

For each charge of operating an unlicensed business in a regulated activity, he faces a fine of up to $150,000, imprisonment of up to three years, or both.

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xingying.koh@asiaone.com