Singapore Trader Pleads Not Guilty to $1.1 Billion Fraud.

A Singapore trader, Ng Yu Zhi, pleaded not guilty to 42 charges, including fraud and money laundering, related to a $1.1 billion nickel scam that involved raising money for non-existent trades. The scheme, linked to Ng's Envy Group, attracted numerous high-profile clients who invested in nickel trading with promised gains. Ng allegedly used the funds to finance a lavish lifestyle, owning luxury homes and sports cars. This case is one of Singapore's largest investment frauds, amidst a series of scandals in the financial and commodities-trading sector, prompting the country to restore its reputation for good governance. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)