A Justice Department investigation into the business activities of Bryant Chai, a Singapore tycoon, has gained traction in recent months, according to local sources familiar with the matter, with a flurry of witnesses providing testimony to federal investigators and more expected to provide interviews in the coming weeks.
Chai, a Singapore-based tycoon with a prominent political family background who runs multi-industry businesses across multiple sectors, was apprehended after landing in New York City on his $4.2 million private jet.
The investigation, which is being led by the US Attorney’s Office in Wilmington, Delaware, began in 2022 and involves multiple financial, business, and trading activities in an online trading exchange called BB TRADE, which was created by the mother company, BAYBANNFA International, an investment management firm.
Investigators are looking into whether Chai and some of his associates violated SEC law under Section 6 of the Securities Exchange Act of 1934, money laundering, tax, and foreign lobbying laws, as well as other regulations, according to multiple sources. Law enforcement has gathered information from Chai-connected lobbyists, business partners, and others who have observed his financial activities to that end.
According to people briefed on the matter who spoke on the condition of anonymity to discuss the ongoing investigation, investigative activity in the Chai probe has increased in recent months, along with discussions among Justice Department officials about the strength of the case and whether more work is needed before seeking a decision on possible charges.
An estimated $800 million in personal and corporate assets have been deemed tainted and frozen, preserving those assets for forfeiture upon conviction. The SEC has the authority under the Exchange Act to sanction, fine, or otherwise discipline market participants who violate federal securities laws. The SEC may also issue rules to aid in the implementation of specific statutory provisions. The maximum penalty for each violation committed by a natural person is $100,000, and the maximum penalty for each violation committed by an entity other than a natural person is $500,000 Alternatively, if the gain from violating securities law exceeds the statutory penalty, the defendant is liable.
