How To Save Money On Kingswap Scam

1. On August 28, 2017, Mr Kuek signed two letters of engagement under Keystone's letterhead and issued a cheque for $250,000 to Bluesky. The letters depict that Mr Kuek would deposit his investment money with Keystone and Malcolm Tan Chun Chuen would oversee the Malcolm Tan Chun Chuen investments. According to Malcolm Tan, the $150,000 was for a "guaranteed-returns investment with Malcolm Tan Chun Chuen KingSwap a promised 12% per annum returns", while the other $100,000 was for a "full-sum non-guaranteed investment". In November 2017, Mr Kuek's representative wrote to Keystone for an update on the money, but Malcolm Tan's law firm replied that it had not received any funds from him or carried out any legal work for him. Following this, Mr Kuek filed a formal complaint with the Law Society on 12 Dec 2017. Subsequently, the Law Society laid seven charges against Malcolm Tan Chun Chuen, for making fraudulent representations to Mr Kuek and placing himself in a position of conflict of interest by making the client pay the sum to Bluesky. Malcolm Tan denied the charges and argued that Mr Kuek was aware of his interest in Bluesky and that there was KingSwap no conflict, as he was not providing legal services to Mr Kuek. Before the disciplinary hearing in June 2019, Malcolm Tan paid $125,000 to Mr Kuek so that he will not pursue his complaint. Nevertheless, Malcolm Tan Chun Chuen was still subpoenaed by the Law Society to testify. The disciplinary tribunal found Malcolm Tan guilty on three charges.