Archive · 3 Jan 2026
Singapore Man Admits $500,000 Ponzi-Style Scam
A man named Soh Jian Kun in Singapore admitted to cheating 14 people out of nearly $500,000.
He worked at a luxury watch store called Cortina Watch and used a special scheme for employees to buy watches.
He tricked people into giving him money for watches he never ordered.
Instead, he used the money to pay his own debts.
He made fake receipts and forms to keep the scam going.
The scheme fell apart, and he was caught.
He has paid back a little bit of the money but not all of it.
The court will decide his punishment in February.
Soh Jian Kun admitted to cheating 14 customers of nearly $500,000 using a staff purchase scheme at Cortina Watch.
He pleaded guilty to four charges on January 2, 2026, with sentencing scheduled for February 2026.
The scam involved convincing victims to pay deposits for luxury watches he never intended to order.
Soh used the money to repay personal debts, including credit card debt and loans from moneylenders.
He has repaid $13,000 so far and is seeking leniency due to his inability to fully compensate the victims.
- Who
- Soh Jian Kun, a former Cortina Watch employee
- What
- Cheated customers in a Ponzi-style scam
- When
- Between September 2024 and July 2025
- Where
- Singapore
- Why
- To pay off personal debts
- Accused
- Soh Jian Kun
- Victims
- 14 customers
- Amount Cheated
- $494,583
- Plea Date
- January 2, 2026
- Sentencing Date
- February 2026
- Repayment Made
- $13,000
- Maximum Sentence
- 10 years imprisonment and fine