After a year of scandals, Kelvin Tang has resurfaced in Singapore, trying to start new business. The former face of AximTrade, a notorious offshore forex broker, is now embroiled in new legal issues. His return follows a string of failures and accusations, leaving a trail of unpaid employees, gambling debts, and allegations of domestic violence.
AximTrade’s Collapse & Unpaid Employees
AximTrade, once presented as a promising forex broker, has been under fire for failing to pay its employees for several months. After the company ceased operations in late 2023, many former employees came forward, reporting that they hadn’t received their salaries for months. Some workers had their wages delayed for up to half a year, while others never got paid at all.
This financial mismanagement wasn’t an isolated incident. It came to light that AximTrade had been misappropriating funds for months before its collapse. Internal sources revealed that company funds were being siphoned off, leaving clients and employees in the dark.
Kelvin Tang’s Spending on Gambling & Escorts
While employees and traders were left struggling to get their money, Kelvin Tang was living a crazy life in Vietnam and Japan. Instead of addressing AximTrade’s financial woes, Tang allegedly spent company funds on high-end gambling and escorts, leading to personal financial collapse. Reports indicate that Kelvin Tang regularly frequented casinos in Vietnam and Japan, where he racked up significant losses, eventually gambling away what was left of his fortune.
It’s also been reported that Tang’s lavish lifestyle included expensive parties and a growing habit of spending on escorts. As his debts piled up, Tang tried to escape the financial and legal repercussions, evading creditors and the authorities in both countries.
Fleeing Japan & Returning to Singapore
Kelvin Tang’s stint in Japan didn’t just end with financial ruin. By late 2024, Japanese authorities were actively searching for him, pursuing multiple charges, including tax evasion and business law violations. Tang managed to flee Japan before he could be arrested, returning to Singapore in an attempt to avoid further legal trouble.
Upon his return, Kelvin Tang didn’t find solace. His wife, Claire Leong, has filed charges against him for domestic violence. She accused him of repeated physical abuse during their marriage, further dragging his name through the mud. Leong’s accusations are now part of ongoing legal investigations in Singapore.
Kelvin Tang’s Role in the AximTrade Scam
Kelvin Tang’s involvement in AximTrade began when he partnered with Quiambao in 2020. Using his connections in Southeast Asia, Tang built an image of success, throwing lavish parties and promising high commissions to partners. However, beneath the surface, Kelvin manipulated all his employees and business partners & was involved in blackmailing cases.
In 2023, the company’s façade started to crack. Despite regulatory licenses, investigations revealed that several shell company documents were fabricated by Kelvin Tang. He hired the shady services of HLK Group Pty Ltd to organize the documents. The shady business practices finally caught up with them. It turns out Kelvin Tang has been organizing these shady documents and managed to deceive everyone in the company.
The Financial Crisis & Client Losses
By September 2023, AximTrade eventually ended their services, leaving over 200 employees and senior managers without their pay check. The company’s sudden acts shocked several people, and Kelvin Tang disappeared without explanation, and later on he was hiding from the scene. Former employees confirmed that the financial crisis was due to severe liquidity mismanagement, with Kelvin Tang draining company funds for personal gains.
As AximTrade sank deeper into financial trouble, employees were left scrambling. Complaints flooded online forums like Forex Peace Army, where employees reported delayed payments, blackmailing, and unresponsive management. The collapse marked the end of Tang’s public involvement with the company.
Escaping Consequences
While employees failed to reach out a resolution, Tang has been attempting to avoid the legal fallout. Despite ongoing investigations, Tang has continued to dodge accountability, moving between countries and using his network to avoid arrest.
In Singapore, his domestic violence case has added another layer to his mounting legal troubles. With unpaid employees, clients demanding justice, and now domestic charges, Kelvin Tang’s attempts to escape responsibility seem to be catching up with him. His return to Singapore may mark the beginning of more legal actions as authorities close in on the long list of allegations against him.
Kelvin Tang’s once-flamboyant life of luxury, gambling, and deceit appears to be reaching its inevitable end. The forex market, clients, and former employees are waiting for justice, as Tang faces multiple legal battles on different fronts. From unpaid wages to domestic violence accusations, Tang’s past is now catching up with him, and his future looks bleak.