Malaysia News: Money Game Quinton Group Finally Charged!

In a recent development, a company and its four directors have been summoned to the Sessions Court, where they face a total of 94 charges linked to money laundering, amounting to RM20.3 million (approximately 4.7 million USD), spanning from January 2019 to December 2022.

As per Datuk Azman Adam, the Enforcement Director-General of the Ministry of Domestic Trade and Cost of Living, Quinton Group Sdn Bhd (Quinton), along with its four directors, namely Tan Kwong Yeow (35), Ooi Chuen Chie (35), Lim Shing Yee (31), and Seow Ming Cjoy (32), made their appearance in court on October 18 to respond to these charges.

Azman provided further details in a statement issued on October 28, reporting that all four defendants have entered not guilty pleas against the charges presented before Judge Mazdi Abdul Hamid. The court has scheduled the next mention of the case for December 1.

The accusations center around the alleged reception of RM2.08 million from illicit sources through a current account linked to Quinton Group Sdn Bhd during the period from 2019 to 2022. Additionally, all the company's directors are accused of using funds from unlawful sources, amounting to RM168,681.00 (approximately 35,448 USD), for the acquisition of eight luxury vehicles within the same timeframe.

These charges have been lodged under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorist Financing, and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). If found guilty, this section carries the potential for a prison sentence of up to 15 years, accompanied by a fine not less than five times the amount involved, or a fine not exceeding RM5 million, whichever is greater.

Azman further disclosed that the court has granted bail to all the accused, totaling RM1,748,000 (approximately 367,343 USD), with one surety for each defendant. Furthermore, the court has imposed specific conditions, including the requirement for the accused to report monthly to the police station, surrender their passports to the court, and refrain from any form of intimidation towards witnesses.

Quinton was a Malaysia-based money game and money laundering organization that operated from 2015 to 2020. Founded by Quinton Ong, a Malaysian businessman who claimed to have amassed millions of dollars through foreign exchange trading.

Ong lured investors with the promise of high returns through Quintons investment plans, stating that their funds would be engaged in trading foreign exchange, stocks, and other financial markets. However, in reality, Ong and his associates utilized investor funds to sustain their opulent lifestyles and repay prior investors.

Quinton swiftly rose to become one of Malaysia's most popular money games, amassing over 100,000 investors at its peak and an estimated worth of over RM1 billion. However, the company's Ponzi scheme began to unravel in 2020 when investors encountered difficulties in withdrawing their funds.

In March 2020, the Securities Commission Malaysia (SC) cautioned investors about Quinton, affirming that the company lacked the necessary license for its operations, and its investment plans were illegal. The SC subsequently froze Ong's assets and those of his associates.

In June 2020, Ong and six associates faced arrests on charges of money laundering and running an illegal investment scheme. Later, the group was slapped with over 1,000 offenses, encompassing cheating, money laundering, and criminal conspiracy.

In October 2021, Ong and his associates were found guilty on all counts and received sentences ranging from 10 to 12 years in prison. The court further ordered them to reimburse over RM1 billion to the victims of their Ponzi scheme.

The Quinton scandal emerged as a significant scandal in Malaysia, shedding light on the pervasive issues of money games and money laundering within the country. It underscored the necessity for more robust regulation within the investment industry.

Moreover, the Quinton scandal had ripple effects across other nations in the region. For instance, the Monetary Authority of Singapore (MAS) issued warnings to investors about Quinton and similar companies, urging investors to exercise caution regarding investment schemes promising substantial returns with minimal risk.

The Quinton scandal serves as a poignant reminder of the perils associated with investing in money games. Investors are advised to conduct thorough research before investing in any company and to be wary of investment schemes that promise significant returns with little or no risk.

To shield against such fraudulent schemes, individuals can turn to tools like the WikiFX free mobile application, accessible on both Google Play and App Store. WikiFX, a global forex regulatory query platform, equips investors with the resources to perform background checks on financial institutions, aiding users in steering clear of scams like Quinton Group. By fostering awareness and informed decision-making, WikiFX plays a pivotal role in enhancing the security and integrity of the financial services industry.