Race team ownership is a very exclusive club, especially when it comes to the world’s premier racing series, Formula One.
So it makes sense an impostor falsely claiming to own part of a Formula One race team would be quickly discovered.
That’s what happened recently in the case of a Hong Kong-based insurance broker who claimed to be part owner of the Williams Formula One racing team.
According to Forbes, Calvin Lo made numerous false or exaggerated claims to the magazine in a bid to be included on Forbes’ Billionaires list.
After an investigation, Forbes found that not only did Lo not have an ownership stake in Williams, but many of his other claims were just as bogus. For example, Lo reportedly claimed to be the founder of R.E. Lee Capital, an asset management firm with around $10 billion in assets. Turns out Lo’s mother is actually the chairwoman, and the firm told Forbes that his mother’s role “should not be misconstrued as an association between Mr. Lo and our company.”
Lo also reportedly told the magazine he was CEO and owner of R.E. Lee International, “the world’s largest life insurance broker” with around $1 billion in premiums. The investigation found that total to be around $60 million. Lo also claimed to be a graduate of Harvard Business School, although the magazine found no record of him attending.
Lo’s legal representatives issued a statement to the magazine, saying that “all insinuations that our client has been dishonest, untruthful or otherwise unethical are hereby categorically denied by him.”
Forbes found other claims of real estate ownership and other assets were also false or inflated. But perhaps none were as bold or audacious as claiming to be a Formula One team owner.
For the record, the Williams Formula One team is worth an estimated $795 million in 2023, according to Sportico.
