In March 2009, the Straits Times reported that 49 customers of well known options trading lecturer Clemen Chiang won their lawsuits against him and his business school, Freely Business School. The suits were filed in the Small Claims Tribunal.
The court found that there was misrepresentation by Chiang as he had claimed that he had a doctorate or PhD in options trading (something that is quite rare) but that this degree was from an unaccredited university.
For compensation, the court ordered a refund of 80% of lecture fees and 100% refund of software and web seminar fees.
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