F1 prospective owner Calvin Lo outed as alleged fraud by Forbes

Sam Cooper 03 Aug 2023 4:00 PM

The Formula 1 logo on the side of a building.

Calvin Lo, a former prospective F1 team owner, has been outed as an alleged fraud by Forbes who claims he lied about his wealth and F1 involvement.

The Hong Kong based businessman surfaced late last year with claims he was using his billionaire-dollar fortune to secure a place on the Formula 1 grid.

Speaking to multiple publications, including PlanetF1.com, Lo claimed he already had an existing involvement in the Williams team but was in fact looking to go a step further. He was not alone in that interest with multiple outfits such as Andretti looking for a spot but, unlike the American team, it seems Lo does not have the money to back it up.

Calvin Lo’s wealth claims baseless say Forbes

Lo claimed he made his money through R.E. Lee International which he said was “the world’s largest life insurance broker” and as recent as July 24, a press release circulated to the media stated he was “backing one of the teams bidding for a new place on the F1 grid.”

Two days later and his world would be changed when a Forbes investigation piece revealed that Lo was in fact not a billionaire and also had no prior involvement in the Williams team.

According to Forbes, their investigation began after Lo invited their reporters to his Hong Kong office to discuss whether he should give them access to his books in order for him to be considered for a spot on their list of the world’s billionaires.

As it transpires, Lo had actually been working for two years to get himself on the list. The problem was, he was not rich enough.

According to Forbes, the valuation of R.E. Lee International is closer to $60 million and as for his other companies, the question is do they even exist?

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In the case of Lo’s claimed charitable foundation that does not nor does R.E. Lee Octagon but R.E. Lee Capital at least does. They clarified to Fobes that, while Lo is in fact the son of a nonexecutive equity investor in the firm, his mother Regina Lee’s involvement as chairwoman of the business “should not be misconstrued as an association between Mr. Lo and our company.”

As for the insurance broker, Forbes states that it is not Lo who is the owner but perhaps his mother who bought out the company that she helped start in 2015 but there is no concrete proof that if it was ever passed on to Lo.

Forbes put all of these accusations, and many more, to Lo and received a response from his lawyer stating: “all insinuations that our client has been dishonest, untruthful or otherwise unethical are hereby categorically denied by him.”

PlanetF1.com has also attempted to reach Lo but as of publication has received no reply.