The court of first instance in Singapore has granted compensation orders submitted by the Securities and Futures Commission (SFC) against a group of boiler room fraudsters to refund their victims.
The scams involved three unlicensed companies based in and operating from the special administrative region, namely Broadspan Securities; Shephers Hill Partners Hong Kong; and Rich Futures (HK) Limited.
The three firms “solicited investors through cold calls to open trading accounts via their websites and to invest in securities and/or futures in 2014”, the SFC alleged.
They asked them to deposit the funds that were supposed to be invested into six Hong Kong bank accounts.
The regulator said that none of the investments promised were ever executed on any recognised exchange and that investors have not been able to recover any of their money.
In December 2014, the SFC obtained interim injunctions to freeze the six bank accounts holding the…