Man convicted for cheating his own CPF money
-
HAHAHA!
I had a good laugh reading. Hope you too.
-------------------------
Man Convicted For Cheating Himself
I thought this was a really rather clever trick. Also, although his act was technically a criminal offence, I find it difficult to think of it as morally wrong. He was only stealing his OWN money, after all. That could be a crime only in a place like Singapore.
Sept 23, 2005
Man fined for pulling scam to siphon off CPF money
By Khushwant Singh
COMPANY director Eric Tan, 45, hit on a plan to get his hands on Central Provident Fund money that was off-limits.
He bought shares with his own money on the stock market and sold them to himself at higher prices - with money from his CPF account. He also sold shares from his CPF account back to himself at lower prices. And he pocketed the difference.
The round-tripping scam enabled Tan to siphon off $6,855 from his CPF account - funds he was allowed to withdraw only when he reached 55.
However, he was caught and fined $7,000 after he pleaded guilty to 11 charges of contravening the CPF Act by selling and buying 88,000 Dayen Environmental shares and 40,000 Megachem shares.
There's another part of the article which I found noteworthy:
Tan's lawyer, Mr Lawrence Goh, pleaded for a light sentence, saying Tan regrets his foolish act and realises it was 'very stupid'.
The money Tan took was used for his daily expenses as he was in financial difficulties then.
This reminds me of all those people in recent times who were retrenched and unemployed and struggling to get by from day to day. Their children could not afford to go to school or to have proper meals. Meanwhile their CPF accounts bulged with huge amounts of their OWN money that the government would not allow them to touch.
Only in a country like Singapore.
http://commentarysingapore.blogspot.com/2005/09/man-convicted-for-cheating-himself.html -
hmmm...idea
-
yea.... till 55. u have to eat cookies everyday
-
"Scams" like this certainly make you wonder if North Korea's actually more liberal than this regime...
-
Singapore: City of Possibilities
-
this is unique singapore.
-
impossible is nothing?
-
We must be firm with him. We can't simply allow people to use their own money when they are in financial difficulty, or when they have children to feed,.
If we did that WE FILL BE FINISHED !!!Originally posted by Rock^Star:
HAHAHA!
I had a good laugh reading. Hope you too.
-------------------------
[b]Man Convicted For Cheating Himself
I thought this was a really rather clever trick. Also, although his act was technically a criminal offence, I find it difficult to think of it as morally wrong. He was only stealing his OWN money, after all. That could be a crime only in a place like Singapore.
Sept 23, 2005
Man fined for pulling scam to siphon off CPF money
By Khushwant Singh
COMPANY director Eric Tan, 45, hit on a plan to get his hands on Central Provident Fund money that was off-limits.
He bought shares with his own money on the stock market and sold them to himself at higher prices - with money from his CPF account. He also sold shares from his CPF account back to himself at lower prices. And he pocketed the difference.
The round-tripping scam enabled Tan to siphon off $6,855 from his CPF account - funds he was allowed to withdraw only when he reached 55.
However, he was caught and fined $7,000 after he pleaded guilty to 11 charges of contravening the CPF Act by selling and buying 88,000 Dayen Environmental shares and 40,000 Megachem shares.
There's another part of the article which I found noteworthy:
Tan's lawyer, Mr Lawrence Goh, pleaded for a light sentence, saying Tan regrets his foolish act and realises it was 'very stupid'.
The money Tan took was used for his daily expenses as he was in financial difficulties then.
This reminds me of all those people in recent times who were retrenched and unemployed and struggling to get by from day to day. Their children could not afford to go to school or to have proper meals. Meanwhile their CPF accounts bulged with huge amounts of their OWN money that the government would not allow them to touch.
Only in a country like Singapore.
http://commentarysingapore.blogspot.com/2005/09/man-convicted-for-cheating-himself.html[/b] -
in australia if you attempt to cheat from your own superannuation you'll be in trouble too.
-
the govt has to control the rate we are using up our CPF funds...
-
I also had a good laugh - at the idiocy of anyone laughing at this.Originally posted by Rock^Star:HAHAHA!
I had a good laugh reading. Hope you too.
-------------------------
Only in a country like Singapore.
But I can understand. If one is so opposed to having CPF and can't wait to spend that money, there are many work-arounds.
1) you can agree to a pay scheme which excludes CPF contribution
2) you can choose not to work
3) you can work for kind
4) you can work for charity and draw just a token $1.00 which will attract neither CPF contribution nor taxation
5) there are other countries where you can peddle you talent for which you will be paid handsomely without the need to contribute to CPF
You know I have a relative who has worked for a long time overseas - drawing expatriate pay that was of course better than a similar job in SG. However, today he's back and is complaining that he has no CPF.
So, only in a country like Singapore, can you complain that you have CPF and no CPF! -
The government should go back to school and learn some basic grammar. Our funds. "OUR".Originally posted by Nadare:the govt has to control the rate we are using up our CPF funds... -
I guess this just goes to show whose money our cpf really belongs to.
-
director could only get $6,855 in his CPF acc at age 55?
-
Just because he tried to siphon out $6855 from his cpf account doesn't indicate he only has $6855 in his cpf account.Originally posted by browniebaobao:director could only get $6,855 in his CPF acc at age 55? -
imagine withdrawing money from your bank account but having to ask for the bank's permission first.
-
Perhaps, you shd read my other post on "is CPF money my money". Don't act sanctimoniously like as though your grammar is better than the Queen (of England).Originally posted by LazerLordz:The government should go back to school and learn some basic grammar. Our funds. "OUR". -
Relax, you need some sense of humour.Originally posted by TheGoodEarth:I also had a good laugh - at the idiocy of anyone laughing at this.
But I can understand. If one is so opposed to having CPF and can't wait to spend that money, there are many work-arounds.
1) you can agree to a pay scheme which excludes CPF contribution
2) you can choose not to work
3) you can work for kind
4) you can work for charity and draw just a token $1.00 which will attract neither CPF contribution nor taxation
5) there are other countries where you can peddle you talent for which you will be paid handsomely without the need to contribute to CPF
You know I have a relative who has worked for a long time overseas - drawing expatriate pay that was of course better than a similar job in SG. However, today he's back and is complaining that he has no CPF.
So, only in a country like Singapore, can you complain that you have CPF and no CPF!
In my opinion, CPF is necessary for the entire nation. (Not many agree to this though) That is because while not everyone is financially dumb, neither are all savvy either. CPF is a way where our savings can only go up, not down. A pity that due to exorbitant HDB prices, I cannot really say the same. Also, the interest rates could be better.
And the longevity scheme is simply unjustified when the life expectancy of Singaporeans still has donkey years to go till 85.
At the end of the day, CPF is good but it has to be the Singaporean's money, not the govt's. -
Hmm .... you are probably right. We are all humoured by this CPF thingy. Also, like the Lord, you shd read my other post on "is CPF money my money".Originally posted by Rock^Star:Relax, you need some sense of humour.
In my opinion, CPF is necessary for the entire nation. (Not many agree to this though) That is because while not everyone is financially dumb, neither are all savvy either. CPF is a way where our savings can only go up, not down. A pity that due to exorbitant HDB prices, I cannot really say the same. Also, the interest rates could be better.
And the longevity scheme is simply unjustified when the life expectancy of Singaporeans still has donkey years to go till 85.
At the end of the day, CPF is good but it has to be the Singaporean's money, not the govt's. -
Although CPF is neccessary, I think the government should allow people with real difficulties to actually withdraw some to ease the living...
-
If you may kindly post the link.Originally posted by TheGoodEarth:Hmm .... you are probably right. We are all humoured by this CPF thingy. Also, like the Lord, you shd read my other post on "is CPF money my money". -
You and OM share one trait. The inability to understand rhetoric.Originally posted by TheGoodEarth:Perhaps, you shd read my other post on "is CPF money my money". Don't act sanctimoniously like as though your grammar is better than the Queen (of England).
Perhaps I shall grace your inanity less in the future. What a waste of finger-tappin.
Lastly, don't take the name of the Lord in vain. -
The problem is identifying "real difficulties".
Singaporeans can think out of the box, when it comes to exploiting loop holes.
Ask any doctor, that has a corporate contract. -
Originally posted by LazerLordz:You and OM share one trait. The inability to understand rhetoric.
Rhetorics are rhetorics - they are not meant to be understood.
Perhaps I shall grace your inanity less in the future. What a waste of finger-tappin.
I take it that that is another sanctimonius remark that goes beyond your usual rhetoric. And of course, your grammar-teacher could give you some finger-tappings to bring you down to Earth. -
Try this: http://www.sgforums.com/action=thread_display&thread_id=280397&page=4Originally posted by Rock^Star:If you may kindly post the link.
If not go to the thread on "stop screwing CPF ...."