02/09/2022
Singliforex was also an illegal pyramid scheme, in which investors could make money by bringing in others through a rebate structure.
"By virtue of its multi-level marketing incentive structure, the scheme – which began with only a handful of investors – eventually experienced an exponential explosion in its growth. By May 2015, more than 2,000 investors had been defrauded, and Singliworld’s liabilities exceeded US$17 million," said prosecutors.
A company allegedly passed off a multi-level marketing scheme as a legitimate investment venture, scamming more than 2,000 investors for over a year and chalking up over US$17 million (S$23.12 million) in liabilities.
