The playboy trader, the nickel scheme and Singapore’s banks

Court documents relating to fraud charges against a young and flamboyant Singapore trader show that most of the country’s banks have had a relationship with him.

Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.

Investors would fund the purchases, and would receive handsome rewards from the resulting profits.

The potential returns: how does 15% a quarter sound?

If something appears too good to be true, it usually is.

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