S’pore Man Cheats Strangers Of Money At MRT Stations For 4 Years, Faces Jailtime

Man Cheats Strangers Of Money At MRT Stations Since 2019

Most Singaporeans would have no qualms about helping someone who’s in need and will not think much beyond the initial deed.

However, this was likely the very mindset that a certain Singaporean man preyed on throughout a four-year period, during which he cheated 78 strangers of their money.

Often preying on younger girls and students at MRT stations, the man would claim that he didn’t have money to get back home and would ‘borrow’ money from his victims.

Source: winds lu on Flickr. For illustration purposes only.

In total, he cheated his victims of about S$28,000 to cover for his purported expenses.

On Friday (23 Sep), he pleaded guilty to five counts of cheating and was sentenced to one year’s jail.

Man cheats 78 strangers S$28,000 at MRT stations

According to TODAY, Byron Yeaw – now 26 – exploited the kindness of strangers for over four years since early 2019.

His tactics would usually involve waiting at MRT stations and approaching passersby, lying that he had to travel to a distant part of the country.

After that, he’ll ask them to check the cost of a taxi or private-hire vehicle to the location.

With the premise set, he’ll tell his victims that he has to arrange the rides himself to claim the sum from his employer.

The victims would then send him the amounts after receiving assurances through the form of his identification documents.

Yeaw would subsequently use the money transferred by his victims on his personal expenses.

This reportedly went on for four years and the sum scammed totalled about S$28,000.

Arrested thrice during his cheating spree

Yeaw’s motivation behind his crimes was reportedly due to personal financial issues.

In 2019, when he started his cheating spree, Yeaw was reportedly an employee with Singtel.

He was arrested in Mar 2020, and once again in 2021. The latter resulted from attempting to cheat strangers of larger funds to fund his gambling habits.

Although he was eventually released for the second time in Aug 2021, Yeaw continued to cheat till Mar 2022, when he was remanded.

Cheats an NSF for almost all his money

One of his more prominent victims was an NSF he duped of S$2,000.

Yeaw reportedly met the NSF at Yew Tee MRT Station in Feb 2022 and told him that he only had S$0.50 in his bank account.

He then told a story of how his human resources department had not given him his S$3,000 salary on time and that he needed to borrow money to survive till the end of the month.

Despite only having S$2,100 in his bank account, the NSF gave most of that to Yeaw.

The victim only wisened up and lodged a police report after Yeaw attempted to ask for the remaining S$100.

 

 

Former Coinbase Manager’s Brother Pleads Guilty in Cryptocurrency Insider Trading Case

 

The brother of a former Coinbase product manager has pleaded guilty in a cryptocurrency insider trading case. According to the U.S. Department of Justice (DOJ), he is facing up to 20 years in federal prison.

DOJ’s First Crypto Insider Trading Case

The U.S. Department of Justice (DOJ) announced Monday that Nikhil Wahi, the brother of a former product manager at Coinbase Global Inc. (Nasdaq: COIN), “pled guilty to one count of conspiracy to commit wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets.” The DOJ calls it the “first-ever cryptocurrency insider trading case.” Nikhil Wahi was arrested in July.

His brother, Ishan Wahi, worked at Coinbase as a product manager assigned to the cryptocurrency trading platform’s asset listing team beginning in October 2020.

The Justice Department explained that on multiple occasions between July 2021 and May 2022, Nikhil Wahi profited from using “confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase.”

After getting tips from his brother as to which crypto assets Coinbase was planning to list on its exchanges, Nikhil Wahi “used anonymous Ethereum blockchain wallets to acquire those crypto assets shortly before Coinbase publicly announced the listings,” the DOJ detailed, elaborating:

Following Coinbase’s public listing announcements, on multiple occasions Nikhil Wahi sold the crypto assets for a profit.

The DOJ explained that to conceal his purchases, Nikhil Wahi “used accounts at centralized exchanges held in the names of others, and transferred funds, crypto assets, and proceeds of their scheme through multiple anonymous Ethereum blockchain wallets.”

Nikhil Wahi “also regularly created and used new Ethereum blockchain wallets without any prior transaction history in order to further conceal his involvement in the scheme,” the Justice Department added, noting:

Nikhil Wahi, 26, of Seattle, Washington, pled guilty to one count of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.

The U.S. Securities and Exchange Commission (SEC) also slapped the two brothers and their friend with insider trading charges. Nikhil Wahi and the friend “allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then typically sold them shortly after the announcements for a profit. The long-running insider trading scheme generated illicit profits totaling more than $1.1 million,” the SEC detailed.

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

 

Image Credits: Shutterstock, Pixabay, Wiki Commons

 

 

 

Former Coinbase Manager’s Brother Pleads Guilty in Cryptocurrency Insider Trading Case

The brother of a former Coinbase product manager has pleaded guilty in a cryptocurrency insider trading case. According to the U.S. Department of Justice (DOJ), he is facing up to 20 years in federal prison.

DOJ’s First Crypto Insider Trading Case

The U.S. Department of Justice (DOJ) announced Monday that Nikhil Wahi, the brother of a former product manager at Coinbase Global Inc. (Nasdaq: COIN), “pled guilty to one count of conspiracy to commit wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets.” The DOJ calls it the “first-ever cryptocurrency insider trading case.” Nikhil Wahi was arrested in July.

His brother, Ishan Wahi, worked at Coinbase as a product manager assigned to the cryptocurrency trading platform’s asset listing team beginning in October 2020.

The Justice Department explained that on multiple occasions between July 2021 and May 2022, Nikhil Wahi profited from using “confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase.”

After getting tips from his brother as to which crypto assets Coinbase was planning to list on its exchanges, Nikhil Wahi “used anonymous Ethereum blockchain wallets to acquire those crypto assets shortly before Coinbase publicly announced the listings,” the DOJ detailed, elaborating:

Following Coinbase’s public listing announcements, on multiple occasions Nikhil Wahi sold the crypto assets for a profit.

The DOJ explained that to conceal his purchases, Nikhil Wahi “used accounts at centralized exchanges held in the names of others, and transferred funds, crypto assets, and proceeds of their scheme through multiple anonymous Ethereum blockchain wallets.”

Nikhil Wahi “also regularly created and used new Ethereum blockchain wallets without any prior transaction history in order to further conceal his involvement in the scheme,” the Justice Department added, noting:

Nikhil Wahi, 26, of Seattle, Washington, pled guilty to one count of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.

The U.S. Securities and Exchange Commission (SEC) also slapped the two brothers and their friend with insider trading charges. Nikhil Wahi and the friend “allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then typically sold them shortly after the announcements for a profit. The long-running insider trading scheme generated illicit profits totaling more than $1.1 million,” the SEC detailed.