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\u201cMeet the Hong Kong billionaire targeting a new Formula 1 team,\u201d reads an article from The Independen<\/em>t<\/a> published in May. \u201cHong Kong insurance billionaire Calvin Lo<\/strong> staying clear of crypto investing,\u201d says another report on that same billionaire, this time from CNBC<\/a>. A quick internet search<\/a> of Lo’s name reveals numerous other articles that also refer to him as a \u201cbillionaire,\u201d but those media assertions are false, business magazine Forbes claimed<\/a> in a bombshell article published this week. Instead, they allege, Lo falsified his wealth in an effort to gain a position on its annual Billionaires List, in which the magazine ranks the wealthiest people in the world.<\/p>\n It’s a claim that Lo\u2014through an attorney\u2014denies, saying that “all insinuations that our client has been dishonest, untruthful or otherwise unethical are hereby categorically denied by him.” But according to a \u201cnearly year-long investigation\u201d that included conversations with \u201c40 people in six countries\u201d and \u201chundreds of pages of documents,\u201d Lo isn’t a billionaire at all, and is instead only worth \u201cless than $200 million.\u201d And that’s with the assets of both of \u00a0his parents thrown into the mix.<\/p>\n It’s a far cry from the man described in an April Reuters report<\/a> as the likely bidder on a new F1 team, and who said that \u201cThe financial part, believe it or not, to me is actually not the biggest problem,\u201d of launching a new auto racing effort. But according to Forbes reporters Robert Olsen<\/strong>, John Kang<\/strong>, and Zinnia Lee<\/strong>, the many<\/a> articles<\/a> from reputable outlets that presented Lo as an investor in the Williams Formula 1 racing team, as well as the aspiring owner of a new outfit, were false. Other articles claim<\/a> he owns the Mandarin Oriental Taipei, while others reported that he had graduated from Harvard Business School. Both assertions are also incorrect, Forbes reports.\u00a0<\/p>\n