SINGAPORE – Two influential figures in a Ponzi scheme that promised lucrative returns from using “sure-win” methods to gamble against casinos have been ordered by the court to return HK$36.6 million (S$6.2 million) to an investor.
Mr Wan Hoe Keet, also known as Ken, and his wife Sally Ho – both Singaporeans – had been sued by Ms Chan Pik Sun, a Hong Konger who said she invested in the SureWin4U scheme as a result of their false representations.
Ms Chan’s lawsuit was initially dismissed in April 2023. She won the case on appeal in a 2-1 split decision on Aug 7.
The SureWin4U scheme was founded by Malaysian brothers Peter and Philip Ong in July 2012. It collapsed in September 2014.
The scheme purported to use investors’ money to fund professional gamblers, who then generated profits from playing baccarat at casinos using two so-called winning formulas.
In truth, the “profits” were largely derived from the money put in by new investors. For existing investors to continue profiting from the scheme, they had to recruit new investors known as downlines.
Mr Wan and Ms Ho joined the scheme in October 2012 with an initial outlay of $77,452. They earned between $7 million and $10 million before the scheme collapsed.
They were responsible for 70 per cent of the scheme’s revenue from packages sold to downline investors, and other investors referred to the husband and wife as “Teacher Ken” and “Teacher Sally”.
Ms Chan, also known as Sandra, said she was introduced to the couple in March 2014 when she attended a seminar in Hong Kong to learn about the scheme.
She was then in her early 50s and worked as a manager in an insurance company
Ms Chan said the couple told her, among other things, that the scheme was safe and profitable.
She eventually spent HK$36.6 million on investment packages between April 2014 and August 2014.
After the scheme collapsed, Ms Chan sent messages asking Mr Wan and Ms Ho for a solution, but they said they had none.
In October 2014, Mr Wan and Ms Ho gave $148,000 to a group of 10 investors, including Ms Chan, with the aim of recouping their investments by gambling at casinos using the winning formula.
The group lost a substantial amount of that sum.
Mr Wan and Ms Ho also lodged police reports against the Ong brothers, claiming that they feared they had become victims of an elaborate scam.