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JLC Advisors' Jeffrey Ong faces more charges

JLC Advisors' Jeffrey Ong faces more charges

Source: Business Times
Article Date: 15 Oct 2019
Author: Tay Peck Gek

Latest four fresh charges bring total to 26 that he's been slapped with.

The JLC Advisors lawyer allegedly linked to Allied Technologies' missing S$33 million is now staring at a total of 26 charges, having been arraigned on Monday on four fresh counts including the most serious criminal breach of trust (CBT) offence.

Four fresh charges that were brought against Jeffrey Ong Su Aun all stemmed from the funds held by his law firm JLC Advisors in respect of a settlement involving Airtrust (Singapore) and Wrangwell Limited.

He had allegedly misappropriated US$4.85 million in a JLC Advisors' clients' account on Oct 23, 2017, in the way of his business as a lawyer - the most serious CBT offence under the Penal Code.

The punishment for the crime under Section 409 of the Penal Code is imprisonment for life, or with imprisonment for a term up to 20 years, and also be liable to fine.

The Business Times understands that JLC Advisors has initiated legal proceedings against OCBC Securities in respect of a sum of US$4.85 million. Specifically, it is seeking information on two sums of S$3.2 million each - the Singapore-dollar equivalent of US$4.85 million - believed to have been paid into accounts at the brokerage.

The proceedings are underway.

Ong's other three charges of forgery for the purpose of cheating accused him of making illegal copies of bank statements on or before Aug 7, 2018 for the months of April to June 2018. The forged statements were said to have deceived Chan Yi Zhang, a lawyer from another firm, into believing that about US$4.85 million in respect of the Airtrust-Wrangwell settlement was still being held by JLC Advisors in escrow and had not been touched.

Earlier, Ong was charged with 13 counts of forging bank statements for the months of October 2017 to February 2018 and from July 2018 to February 2019, for the purpose of duping Mr Chan into believing that the US$4.86 million funds were still intact.

Ong, who is the managing partner of JLC Advisors, may face further charges, going by what the prosecution told the court when his case was mentioned on Monday.

Deputy Public Prosecutor Nicholas Khoo, in seeking a further six-week adjournment, told District Judge Terence Tay that the investigating officer was still taking statements from Ong for other cases.

Ong, who turned 42 years old in August, appeared via videolink and sported a crew cut. He did not show any emotion when the prosecution updated the court on his case.

With the latest charges, he faces a total of 26 counts of cheating, forgery and CBT. So far, none of the charges is related to Catalist-listed precision-engineering firm Allied Tech's funds.

Ong is being remanded, and the next mention of the case is Nov 25.

He was wanted by the Singapore police after a report was made in May against him for alleged criminal breach of trust of at least S$33 million. The funds belonged to Allied Tech and had been held in escrow by JLC Advisors.

In late May, Ong was arrested in Kuala Lumpur by the Malaysian police, allegedly with a stolen Malaysian passport on him. He was extradited and charged with a cheating offence on June 1.

He has been denied bail after the court was persuaded that he is a high flight risk.

Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.




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Singapore Law Watch / 13 Nov 2019

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