Eagle Hospitality Trust Aftermath- Grand Design Fraud by Apparent Swindlers Who Managed To List Trust on SGX.

 

It has been almost 5 years since Eagle Hospitality Trust ("EHT") sank to the bottom of the ocean within a year of its listing in 2019. Till date, none of the directors involved have been punished yet. The 2 main perpetrators, Howard Wu and Taylor Woods from US, have been busy swindling new investors in the aftermath of the collapse of EHT. Apaprently both conmen are extrememly charming and eloquent. 

For the fun of it, I have put up the latest updates with regard to Howard Wu and Taylor Woods who have been charged by the US Securities and Exchange Commission in August 2024 for the following allegations:

Securities Fraud Scheme 1: Misrepresentation to investors to sell their hotels to 3rd parties but secretly injected them as part of investment properties into EHT and then list them on SGX.

Extract of charges filed

Securities Fraud Scheme 2: Raised money (US$1.775Mil) from new investors as bid placement for buying hotels on firesales from EHT under bankruptcy.

Extract from charges filed

Parting Thoughts

Howard Wu and Taylor Wood have wicked moral compasses. There maybe also a streak of narcissism in them. I am flabbergasted that after both have caused the bankruptcy of EHT, they have the audacity to fraudulently raise money from new investors on the pretex of bid placement to buy the EHT hotels under liquidation and even before placing the bid, they have commenced using the money for their own personal purpose. Nonetheless, both scammers have made a name for themselves for succesful listing of EHT on SGX right under the nose of the IPO banker and SGX regulators. As for Singapore, so far there have been no fraud charges brought against Howard Wu and Taylor Wood yet as if everything is being swept under the carpet to keep the entire fiasco quiet.