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. In order to be recognized among billionaires, Lo allegedly portrayed himself to Forbes as the CEO and owner of R.E. Additionally, Lo reportedly asserted his title as the founder of R.E. However, Forbes reported that it discovered no evidence of R.E.

Source: Forbes July 29, 2023 19:36 UTC