An 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,...
An Interpol red notice and a warrant of arrest were issued against Michael Atkins following his arrest and release on bail in July 2014.An 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.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.
In the end, the clients received around $12.7 million in total from Aureus Capital and they suffered nearly $6 million in losses.DPP Hon urged the court to sentence Atkins to up to three years and eight months’ jail, adding: “In effect, the scheme was his and all losses caused to the clients of Aureus must be directly attributable to him only.”
Clients were told that Auereus Capital would manage their funds by trading forex on Oanda, said DPP Hon. They were instructed to transfer cash into a bank account. The weekly statements also reported profits which were not reflective of actual trading results. In fact, Aureus Capital was making losses on its Oanda trading accounts.
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