‘S’pore’s top 1% super rich’ businessman David Yong faces fifth charge over S$61M illegal securities

Singapore businessman David Yong handed 5th charge in court

Businessman David Yong, who self-proclaimed to be a member of “Singapore’s top 1% super rich”, is facing a fifth criminal charge, for allegedly offering promissory notes without a prospectus.

The 38-year-old, who heads Evergreen Group Holdings (Evergreen GH) and starred in Netflix show ‘Super Rich in Korea‘, was charged on Tuesday (3 June) under the Securities and Futures Act.

Once described in court as a “serious flight risk”, he is now charged with allegedly raising S$61 million without proper authorisation, Channel NewsAsia (CNA) reported.

Between July 2023 and July 2024, Evergreen GH reportedly raised over S$61 million through more than 1,000 promissory notes offering 10% annual interest.

However, the holding company did not register a prospectus with the Monetary Authority of Singapore (MAS).

If convicted, Yong faces up to four years’ jail, a fine of S$300,000, or both.

Yong’s previous four charges relate to alleged falsification of tax invoices and financial documents connected to Evergreen GH. Prosecutors said these were done with the intent to defraud.

Company allegedly skipped MAS’ Approval

Under Singapore’s Securities and Futures Act, any offer of securities — such as promissory notes — must come with an official document called a prospectus.

The prospectus needs to be submitted and approved by the Monetary Authority of Singapore (MAS), unless the company has a valid exemption.

In this case, police say that didn’t happen.

If found guilty of offering these investment products without a proper prospectus, Yong faces up to two years’ jail, a fine of up to S$150,000, or both.

Because all the notes have been grouped into one charge, the penalty could be doubled if he’s convicted.

The charge of abetting the falsification of invoices comes with a sentence of up to 10 years’ jail, a fine, or both.

David Yong deemed a flight risk, bail set at S$1 million

First charged in Aug 2024, Yong is currently out on S$1 million bail. He has made three failed attempts to leave Singapore, most recently in March.

In rejecting his applications, the court described him as a “serious flight risk”. It cited his access to overseas funds and no compelling reason to travel.

Yong rose to fame through Netflix’s ‘Super Rich in Korea’, where he showcased a life of luxury and described himself as part of “Singapore’s top 1% super rich”.

Yong’s pre-trial conference will take place on Thursday (5 June), CNA said.

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Featured image adapted from David Yong on Instagram and Instagram.