He was once a self-made giant in the world of luxury watches. Today, Singapore's Dominic Khoo is bankrupt and under investigation for fraud. In a New York Times investigation, Sui-Lee Wee details how the celebrity photographer-turned-watch dealer built the WatchFund into what he described as a $38 million operation, wooing wealthy clients in Singapore and Hong Kong with promises of big returns on "investment-grade" timepieces. He flaunted elite connections, appeared in major media, and initially delivered profits that helped build credibility and attract new investors. "He came across as someone you could trust," says one client in Hong Kong.
The 48-year-old faces at least nine police complaints in Singapore, along with civil cases and unpaid judgments tied to deals that unraveled. Multiple investors say watches they bought for six-figure sums turned out to be worth far less than advertised. Courts have ordered his company to buy back watches worth roughly $2 million, while another investor won a $1.6 million judgment that remains unpaid. Some investors have described the operation as "Ponzi-like," but Khoo disputes that characterization, saying clients always retained ownership of their watches and knowingly took on risk in a volatile market. The Times traces both his rise and his unraveling, from early success among friends and well-heeled clients to mounting legal pressure as the luxury-watch market cooled and investors began demanding exits. Read the full story.
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