An Interpol red notice and a warrant of arrest were issued against Michael Atkins following his arrest and release on bail in July 2014.On April 15, Michael Philip Atkins, 51, pleaded guilty in a Singapore district court to carrying on a business for a fraudulent purpose. This came 10 years after he was first arrested here in 2014. He jumped bail subsequently. In March 2023, he was extradited from the US to Singapore.
In the end, the clients received around $12.7 million in total from Aureus Capital and they suffered nearly $6 million in losses. At the time of the offence, Aureus Capital maintained two trading accounts with Oanda Asia Pacific, a separate company which offers foreign exchange trading. Instead of using the amount for forex trading, more than $14.7 million was used for other purposes, such as paying Aureus Capital’s directors, including Atkins.Weekly statements sent to clients concealed the fact that only a small portion of clients’ funds was used for forex trading.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
American extradited to S’pore admits running $18m fraudulent trading schemeAn American man was a director at Singapore-based firm Aureus Capital when he became the main person running a fraudulent forex trading scheme linked to it. The scheme involved more than $18 million from over 1,300 clients. On April 15, Michael Philip Atkins, 51,...
Source: thenewpaper - 🏆 7. / 63 Read more »
American judge to join Singapore International Commercial Court in AprilJustice David Wolfe Rivkin has over 40 years of experience in private and public international law.
Source: straits_times - 🏆 5. / 69 Read more »
Tee Kitchen: Bringing South American Flavors to SingaporeA Singaporean couple quit their jobs to open Tee Kitchen, a stall in Golden Mile Food Centre, where they serve Colombian-style chicken stew and other South American dishes.
Source: straits_times - 🏆 5. / 69 Read more »
Singaporean Couple Brings South American Cuisine to Local Food CentreA Singaporean couple quit their jobs to open a stall in a local food centre, serving Colombian-style chicken stew to fellow Singaporeans.
Source: asiaonecom - 🏆 10. / 59 Read more »
At The Movies: Compassionate comedy Yolo, smart satire American Fiction both winnersReviews of the latest films headlined by China's Jia Ling and Oscar nominee Jeffrey Wright.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Trump loses bid to block Michael Cohen, Stormy Daniels testimony at hush money trialHe had in February asked the court to block the testimony of his former lawyer Cohen, and porn star Daniels, whom he allegedly paid off after a sexual encounter.
Source: STForeignDesk - 🏆 4. / 71 Read more »