Papa and son seek $2.6mil damages for $900k trading loss

[Ahtong]

Wah, like that also can.

Any experts can comment if they actually stand a chance?

 

He was a 19-year-old full-time national serviceman when he and his businessman father opened a joint investment account at a private bank in July 2006.

 

Two years later, Mr Ian Ow Tuc Yun used the account to trade in futures and racked up losses of close to $900,000 in a space of nine months.

 

Now, the 26-year-old student and his father Ow Weng Fye, 63, are seeking $2.6 million in damages from the Singapore branch of Credit Suisse, in a lawsuit that opened for hearing yesterday in the High Court.

 

They assert that their relationship manager Aaron Chwee Toh Yee - named as the second defendant in the suit - had misled and manipulated the naive son into making the trades, while keeping the father in the dark.

 

 

[Nlatio]

If they make $$$$.... will they go to court and say they should not make so much...... must give back to the bank???

 

Fark lar...... invest kena burn kpkb blame this blame that except themselve.....

 

They need to do their own homework despite what the bank officer advise them......just like the uncle selling fish ball noodle... will he tell you his noodle not nice, dont buy..... wtf..... loose $$$ calim bank give bad advise.....

[Djim]

wa, like that also can sue,

[Picnic06-Biante15]

The son face doesn't look smart either ...

[Mustank]

sing dedication: Desperado

 

[Donut]

I hope the judge will void their lawsuit and double their damage to 1.8 million. knn....

[Picnic06-Biante15]

Joint account and father doesn't know son was trading in that account .....

 

Means he doesn't checks monthly statement ...

[Mockngbrd]

i wan to sue singapore pools also, they mislead me think i can win 1st prize.

 

i also want to sue all the makers of super pushup bras, super misleading.

Edited August 15, 2013 by Mockngbrd

[Altivo]

Usually no case, unless the RM executed the unauthorised trades without the knowledge of the father/son.

 

In this case, it is more like the transactions were done by the father/son themselves and supposedly on the advice of the trader. But as with all markets, nothing is "bao jiak" one.

 

Reminds me of that incident where the son of the nasi lemak chain refused to pay for his losses at MBS.

Edited August 15, 2013 by Altivo

[Nlatio]

Usually no case, unless the RM executed the unauthorised trades without the knowledge of the father/son.

 

In this case, it is more like the transactions were done by the father/son themselves and supposedly on the advice of the trader. But as with all markets, nothing is "bao jiak" one.

 

Reminds me of that incident where the son of the nasi lemak chain refused to pay for his losses at MBS.

 

 

Agreed bro... even use your Durex also boh 100%... .... want 100%, dont have sex... trade lor....

[Jman888]

anyone above 18 cannot claim to be mislead or mispresented, more so the father even let him be a joint account holder

 

why let him join if the son can't make decision and everything must come to the father?

Edited August 15, 2013 by Jman888

[Scion]

Wah, like that also can.

Any experts can comment if they actually stand a chance?

 

He was a 19-year-old full-time national serviceman when he and his businessman father opened a joint investment account at a private bank in July 2006.

 

Two years later, Mr Ian Ow Tuc Yun used the account to trade in futures and racked up losses of close to $900,000 in a space of nine months.

 

Now, the 26-year-old student and his father Ow Weng Fye, 63, are seeking $2.6 million in damages from the Singapore branch of Credit Suisse, in a lawsuit that opened for hearing yesterday in the High Court.

 

They assert that their relationship manager Aaron Chwee Toh Yee - named as the second defendant in the suit - had misled and manipulated the naive son into making the trades, while keeping the father in the dark.

 

 

 

 

well, Oei Hong Leong did this stunt some years ago

 

[Throttle2]

i wan to sue singapore pools also, they mislead me think i can win 1st prize.

 

i also want to sue all the makers of super pushup bras, super misleading.

 

Muayhahaha....

[Altivo]

Agreed bro... even use your Durex also boh 100%... .... want 100%, dont have sex... trade lor....

 

And in the management agreement which they signed with CS, there would be legal provisions which will limit the liability of the bank such as the one below

 

 

Except insofar as the same may result from our or our

employees

[Maz0608]

I hope they win the law suit.

I also lost a lot of money in trading and I can use their case to fight mine.

[Kar_lover]

If they make $$$$.... will they go to court and say they should not make so much...... must give back to the bank???

 

Fark lar...... invest kena burn kpkb blame this blame that except themselve.....

 

They need to do their own homework despite what the bank officer advise them......just like the uncle selling fish ball noodle... will he tell you his noodle not nice, dont buy..... wtf..... loose $$$ calim bank give bad advise.....

 

Many people blame everything on everyone. It's NEVER their own fault.

[Neost]

Any kind legal trained soul here can help me to understand why is there a case in the first place?

 

It is not like the bank bring a knife to his throat and force him to sign the investment document. Then this one got case I know. Is called under duress. :D

 

 

[Mcf777]

they may have a IMH letter to certify son not FIT to trade.