Reported Case Commentaries (2022 - 2023)

Hong Kong's Largest Fraud Case (in History): Jo Lam (林作) 's Arrest and JPEX's Multi-million-Dollar Scam

The recent JPEX scandal in Hong Kong has garnered significant attention from news outlets and commentators. In a shocking turn of events, well-known celebrity and KOL, Jo Lam (林作), was arrested by the Police Commercial Crime Bureau on September 18th. Lam's arrest is suspected to be connected to the JPEX case, a virtual asset trading platform flagged by the Securities and Futures Commission for its involvement in a massive fraud scheme. As the investigation unfolds, the Hong Kong police conducted a search at Jo Lam's office located in Central. Lam's history of controversial remarks has further fueled public interest in the case, with a YouTube video even reviewing his contentious incidents following his boxing match with Derek Cheung (鍾培生). Jo Lam is not as lucky as another KOL and ex-teacher, Dr Fred Yiu-Fai CHAN (陳耀輝), who successfully escaped from the Hong Kong police to the UK.

The financial toll in Hong Kong’s cryptocurrency scandal has risen to HK$1.2 billion (US$154 million) involving more than 1,600 investors, making it the single largest financial fraud case in the city’s history and exposing risks faced by local retail investors amid a government push to transform the global financial centre into a virtual asset hub.

Hong Kong Police received complaints from 1,641 investors as of 10.30 pm on 18th Sep 2023, involving HK$1.19 billion in assets, including HK$40 million from the biggest victim, the Hong Kong Commercial Crime Bureau’s acting chief inspector Mak WK said at a joint press conference with the city’s securities watchdog agency on Tuesday.

YouTube Video in Chinese / Cantonese by KOL QiaGor: Unlucky one Jo Lam vs Lucky guy, Fred Chan

Ex-teacher Fred Chan Escaping From The Law To UK, Involving More Than USD 38 Million & More Than 100 Persons (補習名師走佬英國)

Fred Chan (CHAN Yiu Fai Fred 陳耀輝)'s scam case which involved more than HKD 300 Million (more than USD 38 million) and more than 100 people, was reported by QiaGor, a famous KOL in the UK. He stated that because of the security law in Hong Kong in 2020, the link of law enforcement became broken. So some people like Fred Chan could be lucky to go away from the security law in Hong Kong (or China) without fear. This also becomes an advantage for the liars who had violated the law in Hong Kong and could stay in the UK without fear.

QiaGor urged people to help the police in Hong Kong and in the UK, not to let the suspected criminal, Fred Chan (Mr CHAN Yiu Fai Fred 陳耀輝) and his family go away so easily. According to the people in Facebook, Fred Chan, his son (Adrian CHAN) and his wife (Ms HO Yee Ki Jessie) (何綺琪) had gone to Manchester in the UK. Some people suggested accusing them to the UKVI.

跟據Fred Chan 陳耀輝與 Jessie Ho的朋友, 他們一家人(包括仔仔Adrian)已經逃避香港警察, 來到英國..

Fred Chan has successfully changed his name to Dr. Frederick Chan.

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https://styleonthedot.com/2023/02/27/moneyed-model-murdered/

Moneyed model Abby Choi (蔡天鳳) murdered (suspected to be murdered by Kwong's family, including Kwong Kau (鄺球), Alex Kwong (鄺港智), etc.

Towards the end of the year 2022, an unexpected decision was made by Ms. Abby Choi (蔡天鳳): she expressed her desire to sell the luxurious Kadoori Hill apartment worth more than 10 millions. Apparently, her legal advisors had informed her that she could retain the proceeds from the sale if she could provide evidence of her payment for the property. The potential loss of the prestigious "elite address" greatly angered the Kwong family (the property's owner was Kwong Kau). As a result, Ms. Choi and her ex-husband, Alex Kwong (鄺港智) found themselves in a fierce disagreement. Hong Kong media reported that the elder Kwong Kau (鄺球), also known as "Kao Gor" in Cantonese, was also infuriated to the point where he threatened his former daughter-in-law one day, saying, "[If] you sell the flat without finding us a new place to settle, I will harm you." ([如果] 你卖楼，不安置我哋，我会杀你) However, it was not expected that he would carry out his threat. Kwong Kau, a former police officer who resigned after being implicated in a rape case (although he was never officially charged), was known for his volatile temper. The police suspected that he planned the murder, drawing on his knowledge of criminal investigations during his time in the Hong Kong police force, despite having left the force 18 years ago.

If the Kwong family knew they could escape the Hong Kong Police, like Fred Chan's family, they could avoid being prosecuted. This case is still in court: 01 News 蔡天鳳案｜控方透露尚有150件證物待化驗　案押後至12.20再提訊

In Dior couture with pal Moka Fang (right) at Ms Choi’s 27th birthday party last year.

Photo: Photo: xxabbyc/Instagram

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Dr Chiu was a friend of Fred Chan (Mr CHAN Yiu Fai Fred). He said that he felt heart-broken when he knew some of his patreon members who joined Fred Chan's investment fund and lost a lot of money. He also talked a lot about how he knew Fred Chan since Fred worked in Modern Education Tutoring School and Fred Chan then became an assistant princial, inviting Dr Chiu to give a talk in college few years ago.

Dr Chiu's YouTube channel: https://youtu.be/u_qH-rnVXw4

Another newspaper report in Hong Kong: The former famous teacher Fred Chan is suspected of defrauding HK$300 million! (in Chinese)

Newspaper Report: The Former Famus Teacher Fred Chan Opened An Investment Group To Cheat Money?! Over 100 Victims (in Chinese)

Court Comments on the (suspected) fraud case of Fred Chan - What is the Relationship of Fred Chan (Mr CHAN Yiu Fai Fai Fred), The Synergy Fund and The Lutheran Church? On 25-Feb-2022

(Video Clip in Cantonese Chinese in YouTube) ：Over 300 Million Foreign Exchange Investment Suspected Defrauding Incident (2) - The relationship between Fred Chan's Synergy fund and the Lutheran Church: https://youtu.be/UF6ANSPER0gER0g

Fred Chan is a ex-asstant principal, also a principal investment consultant and KOL in different investment forum: https://youtu.be/8QzYlEFcXMo

Another person Mr Qi (齊洛) of Oli Capital, applying similar skills but he confessed to having taken the people's money and escaped to the UK.

His YouTube Channel is Oli Capital. and his professional website is: http://luoqi.com.au/

傲利資本創辦人携二奶走佬｜設龐氏騙局呃投資者網上曬命：正在享受人生

龐氏騙局家人都是棋子

齊洛在信中「感謝投資者在過去三年時間的一路陪伴」，表示已帶同女友走佬，他們投資的資金已被公司洗得乾乾淨淨。齊洛還細數錢用在：「我個人所所有的高消費包括每日頂級套房，餐飲，娛樂，以及我愛人的各個愛馬仕，卡地亞。」相信他的客戶睇到眼火爆。然而，他還繼續「教訓」投資者，無論藍籌服還是黃金，以及氫能源項目都是一個個徹頭徹尾的龐氏編局，「記住以後不要貪高息，高息吃大虧，天上沒有掉餡餅。」

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Appendix: From the investment experts and court commentariers:

Below are explained by some investment experts who joined Fred's fund but left earlier (according to them, their messages were blocked by Fred Chan in the message group in 2020, when they asked about any hidden floating loss):

Question #1: Why was it possible to withdraw money smoothly before? 為什麼之前曾經可以順利提款？

Answer #1: 你所提的款項佔總倉比例不高，就算你提款之後，總倉位尚未到達“Margin Call”的界限。操盤者不會無故拒絕你的提款申請，否則騙徒的操盤秘密就會提早曝光。為了吸引更多人加入，操盤者是必須運行少數人小倉位提款以製造一個正常運作的假象。但若多人持續提款，或者有佔比高的“大戶”提款，則可以導致總倉位保證金不足，導致交易商強制平倉，所有投資者本金歸零。最後走的人承受所有損失。

Question #2: How do you know that the trader has been hiding the losing trade? Is there any evidence?

你怎麼知道操盤者一直隱瞞輸單？有什麼證據？

Answer #2: The evidence is in the Daily statements and Monthly statements. As the trade numbers of the foreign exchange transaction are in sequence, e.g. if the trader continuously made 3 trades, the trade numbers could be 52153, 52154 and 52155.

Just after the day of the event of 97% loss (8 Dec 2021), all the victims got a Daily statement that showed the loss trades with the master trade numbers. The master trade numbers could be also found similarly in the statements in July to November. E.g. the loss trade “from master trade #45790” is found in the Daily statement of 8 Dec 2021 and the victims can also find a profit trade in the monthly statement in July “from master trade #45789” (its settle time was 2021.07.09 20:27:08).

So it is evident that the trader has hidden the floating loss with the broker (Multibank) since July 2021, and the broker wrongly wrote the floating P/L to be zero in all the daily / monthly statements, which tried to mislead the victims that the trader was always gaining profit in each month (an illusion). As there is an agreement that if the trader (Solomon King Investment Company Limited or Fred Chan) earned profit in a month, 50% of the profit could be shared with or be transferred to the trader's account. But in fact, such so-called “profit” is actually the principal value of the victims (just by settling the profit trades to make them appear in the statements and accumulating the loss trades (not settling the loss trades and to hide them)) and the trader always said that the floating P/L (Profit / Loss) was zero daily / monthly (Multibank also always wrote it to be zero).

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The online fraud case was reported and accepted by the police both in Hong Kong and in the UK: (Info provided by the victims)

Police Report Case Number(s):

1) Hong Kong: WCH RN 21046066 - the main (Hong Kong) police case report number, ccbrn21002109

Being investigated by CCB (Commercial Crime Bureau) and SFC in 2022 and 2023.

2) Hong Kong Electronic (online) report case number: ERC2112101090544 (Being investigated)

3) Hong Kong Electronic (online) report case number: ERC2112231094951

4) UK: National Fraud & Cyber Crime Report Centre: Crime reference number = NFRC211204908942

5) UK: SAR ID: 1363963 reported to NCA (National Crime Agency) in 2021-Dec.

6) HK: The court case evidence was established "Teacher Fred Chan defrauded the HK Examinations and Assessment Authority (HKEA) of HKD 3780" (教師騙考評局3780元表證成立)

The victims would like to contact Mr Fred Chan and his family, and hope that he could come back to Hong Kong. The victims were friends, ex-colleagues, and students of Mr Fred Chan (CHAN Yiu Fai Fred) and Jessie Ho (Ms HO Yee Ki Jessie 何綺琪) (their son, Adrian CHAN).

They would like to request the British immigration body to reject the application of Fred Chan and his family to be residents in the UK and to know where Chan's family is. You could contact the victims to help.

Please feel free to report any interesting news to the authors by email to: solomon.complaints.mb (at @) gmail.com

Thanks for watching!!!!!

Fred CHAN (CHAN Yiu Fai) 陳耀輝弟兄 (路德會西門英才中學. 老師) 及黃小青姊妹在2016年12月25日紀念. 基督降生主日,當天沐靈堂, 轉入本會. 接受洗禮加入教會香港路德會教會。

https://www.lutheran.org.hk/wp-content/uploads/2019/04/539.pdf

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