Forbes gets duped by man claiming to be owner of Williams F1 team

The Williams Formula 1 Team is worth an estimated $795 million, according to recent valuations.

In a bizarre incident, Forbes have revealed that Hong Kong insurance broker Calvin Lo isn’t a part owner of Williams, something he claimed to be.

Supposedly, Lo informed Forbes that he held a stake in the Grove-based team, in a bid to be included in the magazine’s billionaires list.

Lo reportedly made several exaggerated claims, which were discovered following an investigation into his value.

Forbes discovered that Lo also lied about being the founder of asset management firm R.E. Lee Capital, which boasts an estimated $10 billion in assets.

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It turns out that it’s actually his mother who is the company’s chairwoman, with the firm having informed Forbes that her position “should not be misconstrued as an association between Mr. Lo and our company.”

As well as that, Lo supposedly told Forbes that he’s the CEO and owner of R.E. Lee International, which boasts around $1 billion in premiums.

That value was discovered to actually be $60 million, following an investigation.

Forbes have also failed to find proof that Lo is a graduate of Harvard Business school, another thing he’s supposedly claimed.

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The list doesn’t end there, with claims of real estate ownership having also been exaggerated or lied about completely by Lo.

Following the revelation, Lo’s legal representatives released a statement, saying that “all insinuations that our client has been dishonest, untruthful or otherwise unethical are hereby categorically denied by him.”

His claim of having part ownership in Williams is perhaps the craziest of the lot, given that the F1 team is worth an estimated $795 million, according to Sportico.

The side are currently at Spa-Francorchamps for the Belgian Grand Prix, with qualifying having taken place Friday evening.

Alex Albon and Logan Sargeant were both eliminated in Q1, with the pair having claimed 16th and 18th respectively,

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Following a three-place grid penalty for Kevin Magnussen though, Albon will actually start 15th.

Both Albon and Sargeant were then eliminated in SQ2 Saturday morning during the sprint shootout, to determine the grid for Saturday afternoon’s sprint race.

Neither driver set a lap due to a late red flag, caused by Lance Stroll crashing.