TriumphFX has received a securities fraud warning from the Monetary Authority of Singapore (MAS).

MAS is Singapore’s SEC equivalent.

On August 4th MAS added TriumphFX to its investor alert list:

MAS classifies TriumphFX as an “unregulated person”,

who based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.

In other words TriumphFX is not registered with MAS, meaning it is offering unregistered securities in Singapore.

MAS’ warning is the equivalent of a securities fraud notice in other jurisdictions.

MAS listing TriumphFX is a little strange. Back in 2015 the Hong Kong Securities and Futures Commission issued
its own warning against TriumphFX
.

This lead to
Leong Koon Wah’s arrest
in 2018. Wah’s charge sheet tied him to TriumphFX Global (then operating as Triumph Global).

The outcome of Wah’s criminal case and current status are unknown.

If MAS is issuing a securities fraud warning in 2021, I’m assuming Wah isn’t in prison.

Or if he is, whoever Wah was working with to run TriumphFX is still at large.

BehindMLM
reviewed TriumphFX
in May 2017. In addition to committing securities fraud, TriumphFX also runs a pyramid scheme primarily targeting Malaysians.

In July 2021
Indonesia banned TriumphFX
for suspected investment fraud.

🤖 Quick Answer

What is the regulatory status of TriumphFX in Singapore?
TriumphFX is classified as an "unregulated person" by the Monetary Authority of Singapore (MAS) and was added to the investor alert list on August 4th. The company is not registered with MAS and operates without proper licensing, meaning it illegally offers unregistered securities in Singapore's jurisdiction.

Why did MAS issue a warning against TriumphFX?
MAS issued the warning because TriumphFX may have been wrongly perceived as being licensed or regulated by the authority. The company operates as an unregulated entity while potentially misleading investors about its regulatory status, constituting a securities fraud risk equivalent to notices issued in other jurisdictions.

What is the history of TriumphFX's regulatory problems?
TriumphFX previously faced scrutiny in Hong Kong,

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