Former Equity Dealer Sentenced to Over 11 Years for Multi-Million Dollar Investment Fraud and Cross-Border Flight

Peh Wei Siang sentenced to 11 years and 3 months for a $15 million scam involving Prive and Zabel Investments. Peh had previously fled to Malaysia.

By: AXL Media

Published: Apr 9, 2026, 5:23 PM EDT

Source: Information for this report was sourced from The Straits Times

Judicial Conclusion to a Half-Decade Fraud Scheme

A major investment fraud case that spanned five years and affected nearly 100 individuals concluded in a Singaporean court on April 9. Peh Wei Siang, a 38-year-old former equity dealer, was handed a sentence of 11 years and three months’ imprisonment after pleading guilty to 10 charges, including multiple counts of cheating. The court heard how Peh led a series of fraudulent investment vehicles between 2013 and 2018, resulting in a staggering total loss of approximately $6 million for those involved.

The Mechanics of the Prive and Zabel Scams

The fraudulent activity began in April 2013 with the incorporation of Prive Investment, which Peh co-founded with Mark Cheng Jin Quan and Loh Zhi Xiang. The trio enticed investors with guaranteed capital and annual dividends, purportedly for foreign exchange trading. However, the scheme was a facade; court documents reveal that Peh began misappropriating funds almost immediately, including depositing a $100,000 withdrawal into his personal account for private expenses. This model evolved into the creation of Zabel, an offshore entity in the British Virgin Islands, which eventually took over Prive’s operations.

Exploitation of Professional Credentials and Family Links

Peh’s deception was significantly bolstered by his professional position at UOB Kay Hian, one of Asia’s largest brokerages. After being hired as an equity dealer in his uncle's team in early 2014, Peh leveraged the firm's reputation to legitimize his private schemes. He falsely claimed that Zabel’s funds were supported by UOB Kay Hian and even arranged meetings within the brokerage’s offices to dupe investors. By using his mother’s account and misleading his partners about "commissions," Peh funneled millions into his own trading activities and personal use.