Ong Su Aun Jeffrey (Jeffrey Ong), the managing partner of JLC Advisors LLP (JLC Advisors), has been charged in court with 11 additional charges of criminal breach of trust and one additional charge of forgery of a valuable security.
The latest set of charges arise from the Commercial Affairs Department's investigations into the escrow arrangement between Catalistlisted Allied Technologies Limited1 (Allied Technologies) and JLC Advisors.
Eight out of the 11 charges relate to the misappropriation of the proceeds from a share placement carried out by Allied Technologies in October 2017, which were placed in escrow with JLC Advisors. The total amount involved for these eight charges is $21,554,609.12. The remaining three charges relate to the misappropriation of $12,285,065.85, being the balance consideration from the sale of Allied Machineries (Shanghai) Co. Ltd., a former subsidiary of Allied Technologies sold on 26 November 2016.
Jeffrey Ong also faces an additional charge for forging the signature of a partner of JLC Advisors on a cheque for $33,153,416.56, which was issued to Allied Technologies.
With the latest set of charges, the total number of charges against Jeffrey Ong now stands at 38. Jeffrey Ong had earlier been charged with 26 counts of cheating, criminal breach of trust, and forgery. These earlier charges relate to:
(a) The forging of documents to cheat CCJ Investment Limited into disbursing $6 million;
(b) The forging of statement of accounts for JLC Advisors' Standard Chartered Bank USD bank account to deceive one Chan Yi Zhang; and
(c) The misappropriation of US$4,851,289.15 from a Standard Chartered Bank USD bank account while acting as a solicitor of JLC Advisors.
Investigations are ongoing.
Source: Singapore Police Force