David Yong Hit with Fresh Legal Troubles

In a stunning turn of events, Singaporean businessman and CEO of Evergreen Group Holdings, David Yong, has been handed a new charge related to financial misconduct. On Tuesday, June 3, Yong, who gained recognition as a star on Netflix's 'Super Rich In Korea,' faced accusations of offering securities without a proper prospectus.

What Are the Charges?

Yong, 38, now grapples with a total of five legal charges. The most recent allegation, according to the Securities and Futures Act 2001, accuses him of consenting to the issuance of promissory notes from Evergreen GH from July 2023 to July 2024. Alarmingly, this offering supposedly violated regulations mandating that any securities must come with a lodged and registered prospectus approved by the Monetary Authority of Singapore (MAS) unless an exemption is in place.

Massive Financial Fallout

Reports indicate that over S$61 million (approximately US$45.1 million) was raised through more than 1,000 promissory notes, each promising a tantalizing annual interest rate of 10 percent. Should Yong be convicted of these charges, he could face severe penalties, including up to two years in prison, fines reaching S$150,000, or both. Given that these charges are consolidated to cover all promissory notes offered, Yong may in fact be looking at double the punishment if found guilty.

Additional Allegations of Fraud

But that’s not all—Yong is also battling four prior charges for allegedly assisting others in falsifying documents to defraud Evergreen GH. These charges stem from manipulated tax invoices relating to sales of furniture, interior design services, and other household fittings, as well as compromised financial statements.

What’s Next for Yong?

If found guilty of aiding in document falsification, Yong faces an additional 10 years of imprisonment per charge, along with hefty fines. He is slated to appear in court for a pre-trial conference on Thursday. This marks a tumultuous period for the businessman, who had previously been out on bail set at S$1 million.

Flights of Fancy Stopped