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Trio charged with promoting illegal MLM scheme, unlicensed forex trading

SINGAPORE — Two men and a woman allegedly involved in a multi-level marketing (MLM) scheme have been charged on Tuesday (Jan 9).

Left to right: Andrew Lim Ann Hoe, Chin Ming Kam, 44 and Goh Seow Mooi. Photos: Nuria Ling/TODAY

Left to right: Andrew Lim Ann Hoe, Chin Ming Kam, 44 and Goh Seow Mooi. Photos: Nuria Ling/TODAY

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SINGAPORE — Two men and a woman allegedly involved in a multi-level marketing (MLM) scheme have been charged on Tuesday (Jan 9).

Andrew Lim Ann Hoe, 61, Goh Seow Mooi, 58, and Chin Ming Kam, 44, face two charges each for offences under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act — otherwise known as the MLM Act — as well as the Securities and Futures Act.

They were arrested on Monday.

Court documents showed that Lim is the chief executive officer of Maxim Capital Limited, a company incorporated in New Zealand.

The trio face one count each of promoting the Maxim Trade Compensation Plan, a prohibited MLM scheme.

Lim also faces one count of carrying the business of fund management without holding a licence. Goh and Chin both face one count each of conducting foreign exchange trading without a licence.

Court documents did not reveal how much money was involved in the scheme.

If convicted under the MLM Act, each suspect could face a jail term of up to five years, and/or a fine of up to S$200,000.

If the trio are found guilty of carrying out unlicensed fund management, they could each face a jail term of up to three years, and/or a fine of up to S$150,000.

The police said in a news release on Monday night that the Commercial Affairs Department investigated the scheme, offered by a company based outside Singapore to investors between 2013 and 2015.

The company promised its investors monthly returns of between 6 and 8 per cent. This was said to have come from its trades in leveraged foreign exchange, the police said.

On top of the returns, the investors were also promised commissions from recruiting new investors into the scheme, as well as from the recruitment efforts of their new investors.

The trio, unrepresented, told the court they intended to plead guilty to their offences.

Lim, who did not intend to get a lawyer, will return to court on Jan 24.

Both Chin and Goh said they intended to engage a lawyer, and will return on Jan 23.

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