“Meet the Hong Kong billionaire targeting a new Formula 1 team,” reads an article from The Independent published in May. “Hong Kong insurance billionaire Calvin Lo staying clear of crypto investing,” says another report on that same billionaire, this time from CNBC. Instead, they allege, Lo falsified his wealth in an effort to gain a position on its annual Billionaires List, in which the magazine ranks the wealthiest people in the world. Other articles claim he owns the Mandarin Oriental Taipei, while others reported that he had graduated from Harvard Business School. Lo's mother, Regina Lee, worked at the brokerage in its early days, and purchased the company in 2015.

Source: Forbes July 29, 2023 17:48 UTC