Insurance Broker Attempted To Be On Forbes Billionaires List By Lying About Ownership Of F1 Team And $250M Champagne Collection

In a bid to secure a spot on the Forbes Billionaires list, Calvin Lo, a Hong Kong-based insurance broker, made bold claims and lied about his vast wealth. 

What Happened: Lo asserted ownership of a stake in a Formula 1 racing team, a remarkable $250 million Champagne collection, a luxurious five-star resort hotel and an impressive array of six opulent homes scattered across the globe, Forbes reported.  

Lo also boasted of being a graduate of Harvard Business School, adding to his aura of success, the publication noted. 

However, after a thorough investigation, Forbes discovered Lo's claims were far from reality. 

The outlet reported that, despite relentlessly marketing himself as a ten-figure mogul, Lo and his family had a combined fortune estimated to be less than $200 million. 

In order to be recognized among billionaires, Lo allegedly portrayed himself to Forbes as the CEO and owner of R.E. Lee International, the "world's largest life insurance broker," handling approximately $1 billion in premiums.

Additionally, Lo reportedly asserted his title as the founder of R.E. Lee Capital, an asset management company that managed assets ranging from $8 billion to $10 billion.

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According to Forbes, Lo claimed he was "Asia's largest investor and collector of champagnes and one of the first owners of a Gulfstream G650 private jet in Asia."

Lo's false declarations didn't stop there. He also reportedly boasted of his ownership of the renowned Williams Formula 1 racing team.

Following his claims, Forbes examined Lo's financial records and investigated his supposed purchase of the Mandarin Oriental hotel in Taipei for $1.2 billion in 2018 through an entity named R.E. Lee Octagon, which Lo had said was a private investment vehicle. 

However, Forbes reported that it discovered no evidence of R.E. Lee Octagon as a registered entity in any jurisdiction, including in Hong Kong, Singapore, the British Virgin Islands and the Cayman Islands.

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