Serial Swindler Joel Soon Faces Five‑Year Jail Term After Scoring Over $550,000
Singapore — The court’s verdict sent shockwaves through the city’s financial circles, as Joel Soon Yong Hao was handed a sentence of five years, two months and twelve weeks in prison, with a three‑year driving ban. The 29‑year‑old’s crime spree spanned from elaborate investment fraud to traffic violations and even forged legal documents.
From Founder to Front‑Man – The Scarlett Strategies Ruse
Between May and July 2015, Soon posed as the CEO of a supposedly glamorous firm called Scarlett Strategies, promising to deliver event‑management services to affluent clients. He spun a tale that investments would be used to rent venues and sub‑rent them, promising investors a 40% profit in one week. The reality? No business. No services. Just a cleverly disguised Ponzi scheme.
How the Scam Unfolded
- Investors’ money was shuffled from one person to another.
- Soon siphoned off funds for personal expenses.
- He never actually invested any of the capital or used it for legitimate business purposes.
Recruiting “Leaders” – The Network of Deceit
When a woman introduced her 54‑year‑old sister to the scheme, she handed over $48,500, then received $45,140 back—leaving a net loss of $3,360. Quick wins, but the losses stacked to over $124,000 for other victims. Soon incentivised these “leaders” with promises of amplified returns for each new investor they brought in.
Escalating Offences:
Even while out on bail, Soon kept the criminal ball rolling:
- A 2017 conspiracy to steal $36,000 from a supermarket employee’s earnings—resulting in a two‑month jail term for the accomplice.
- An elaborate lie to a friend, claiming his father had died, leading her to borrow $150,000 to cover funeral costs.
- In 2019, he sent a forged letter— allegedly from a Deputy Public Prosecutor (DPP)—to renege on a new loan. The forgery was exposed when a friend checked with the DPP, who confirmed the signature was false.
- Several traffic offences, including illegal driving while under a disqualification.
Legal Consequences
Each count of cheating carries up to ten years of imprisonment and a potential fine. Beyond the jail term, Soon’s license to operate any vehicle was revoked for three years.
What This Means for Singapore’s Financial Integrity
With the judge’s stern words and the “no moral compunction” assessment from prosecutors, the case serves as a grim reminder: deceptive schemes can hide behind flashy titles and fake letters, but they usually crumble when even the smallest delay in payouts is spotted.
That’s the story of Joel Soon: a tale of ambition turned to fraud, and a justice system that, at last, closed the book on his fraudulent chapters.
