Category: Business & Finance

Standard Chartered Expands Private Banking Division with 14 New Appointments

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Strategic Growth Across Key Markets

Standard Chartered has bolstered its private banking divisions in Singapore, Hong Kong, and the United Arab Emirates with the addition of 14 new bankers, according to a statement released on Thursday.

Among the new hires is Nicholas Cheng, who has been appointed as Managing Director and Head of the Private Markets Group. Cheng will report to Foo Tian Ong, the Regional Head of Private Banking for Southeast Asia and Singapore. Cheng, along with seven other new recruits in Singapore, will focus on building relationships and providing advisory services to ultra-high-net-worth clients in the region.

In Hong Kong, the bank has added four relationship managers, while two more have joined the UAE team. This expansion is part of Standard Chartered’s broader strategy to enhance its private banking capabilities and cater to the growing needs of affluent clients.

The move aligns with the bank’s ongoing efforts to strengthen its private banking sector, following a 5.5% increase in first-quarter pretax profit reported in May. This growth was driven by significant gains in trading and wealth management, which offset additional credit losses.

U.S. SEC Files Lawsuit Over $650 Million Global Cryptocurrency Fraud

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NovaTech and Founders Accused of Massive Investor Deception

On Monday, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against cryptocurrency firm NovaTech and its co-founders, Cynthia and Eddy Petion, alleging a fraudulent scheme that raised over $650 million from more than 200,000 investors globally, including a significant number of Haitian-Americans.

According to the SEC, NovaTech and the Petions assured investors that their funds would be secure and promised substantial returns from the outset. Instead, the complaint asserts that the Petions utilized new investments primarily to pay off earlier investors and distribute commissions to recruiters, while embezzling millions for personal gain. The alleged fraudulent scheme persisted for four years before NovaTech’s collapse in May 2023.

This legal action in Miami federal court follows a similar lawsuit filed in New York by Attorney General Letitia James two months prior. James’s suit, filed in Manhattan, estimates the total fraud at over $1 billion.

The SEC’s lawsuit details how NovaTech sought to exploit victims’ religious beliefs, using social media platforms, Telegram, and WhatsApp, and sometimes communicating in Haitian Creole. Cynthia Petion, who referred to herself as “Reverend CEO,” purportedly described NovaTech as “God’s vision.”

The SEC has also charged six NovaTech promoters with fraud, alleging they continued to recruit investors despite evident warning signs, such as delayed withdrawal requests and regulatory scrutiny in the U.S. and Canada. One promoter, Martin Zizi, has agreed to a $100,000 civil penalty. His legal representatives have not yet commented on the matter.

Both the SEC and the New York Attorney General’s office are seeking restitution for victims and civil penalties. The case is officially filed under SEC v. NovaTech Ltd, U.S. District Court, Southern District of Florida, No. 24-23058.