SINGAPORE - Jeffrey Ong, the former managing partner of law firm JLC Advisors, was charged in the State Courts on Tuesday with four additional counts of criminal breach of trust as an attorney.
The four charges, which arise from investigations by the Commercial Affairs Department, relate to the misappropriation of monies amounting to S$11.7 million from an escrow facility held by JLC Advisors for Catalist-listed Allied Technologies. The $11.7 million amount was Allied Tech's proceeds from a share placement exercise carried out in October 2017, according to a statement by the Singapore Police Force .
With the latest charges, Ong faces a total of 57 counts of cheating, criminal breach of trust and forgery. SPF said investigations against Ong are ongoing.Allied Tech shares have been suspended from trading since May 3, 2019, when the company disclosed that about $33 million of funds were taken out of an escrow account managed by JLC Advisors.
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