Sunshine Empire pair jailed
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Expired topic
http://www.sgforums.com/forums/3317/topics/395030THE flamboyant founder of Sunshine Empire, who amassed $180 million in 15 months, and his former director were jailed by a court on Friday for running a fraudulent scheme and for faking accounts.
James Phang Wah, 50, and former director Jackie Hoo Choon Cheat, 30, had enriched themselves by at least $8 million through Sunshine's multi-level marketing scheme.
Phang was sentenced to nine years jail and fined $60,000 while Hoo was jailed for seven years.
Phang's wife Neo Kuon Huay, 47, who was found guilty of falsifying payment vouchers together with Phang, was fined $60,000. They did this so that she could receive commissions amounting to nearly $1 million.
Some 20,000 people bought into the flashy scheme, which promised high returns on its lifestyle packages.
Sunshine sold these packages at its plush Toa Payoh Central office for over 15 months, before it was raided by officers from the Commercial Affairs Department (CAD) in November 2007. The packages ranged from $240 to $12,000 and offered attractive bonuses and incentives.
What was unique was its customer rebate points (CRP) system, which allowed participants to use the points to buy goods online. Phang and Hoo had assured participants that CRP was derived from the firm's turnover on its e-commerce platform.
Like other Ponzi-like schemes, rewards for participants came from fresh money secured from those joining later.
-- ST
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I wonder about all those people who used to defend Sunshine Empire so vigorously....
.... would it be too cruel of me to point and laugh at them?
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HEAVEN GOT EYES !!!!! ...............
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what about the money?
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Go to police department lor aka govt.
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for wat i know, although the group of ppl disperse liao, but they are still regrouping in other countries, like China, Hong Kong etc....
Heard that their new project about DNA......
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Originally posted by QX179R:
Expired topic
http://www.sgforums.com/forums/3317/topics/395030THE flamboyant founder of Sunshine Empire, who amassed $180 million in 15 months, and his former director were jailed by a court on Friday for running a fraudulent scheme and for faking accounts.
James Phang Wah, 50, and former director Jackie Hoo Choon Cheat, 30, had enriched themselves by at least $8 million through Sunshine's multi-level marketing scheme.
Phang was sentenced to nine years jail and fined $60,000 while Hoo was jailed for seven years.
Phang's wife Neo Kuon Huay, 47, who was found guilty of falsifying payment vouchers together with Phang, was fined $60,000. They did this so that she could receive commissions amounting to nearly $1 million.
Some 20,000 people bought into the flashy scheme, which promised high returns on its lifestyle packages.
Sunshine sold these packages at its plush Toa Payoh Central office for over 15 months, before it was raided by officers from the Commercial Affairs Department (CAD) in November 2007. The packages ranged from $240 to $12,000 and offered attractive bonuses and incentives.
What was unique was its customer rebate points (CRP) system, which allowed participants to use the points to buy goods online. Phang and Hoo had assured participants that CRP was derived from the firm's turnover on its e-commerce platform.
Like other Ponzi-like schemes, rewards for participants came from fresh money secured from those joining later.
-- ST
Heard from some don-know-reliable-or-not-source that the two fellow are going to appeal wor....... zhun bo???
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Wow they gt punished by the law but will the ppl get back their money.
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Originally posted by Ä«Õß:¸ïÀë:
for wat i know, although the group of ppl disperse liao, but they are still regrouping in other countries, like China, Hong Kong etc....
Heard that their new project about DNA......
you think china, hong kong, malaysia, indonesia etc dun have their own mlm meh ? ...
malaysia and hong kong got a lot more mlm scammers than singapore !
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Originally posted by Ä«Õß:¸ïÀë:
Heard from some don-know-reliable-or-not-source that the two fellow are going to appeal wor....... zhun bo???
They want to appeal? Even better!
The way it works in Singapore, if you put in an appeal, there's a 50-50 chance that your original sentence will be deemed insufficient.... leading to an increase in jail time.
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Originally posted by fudgester:
They want to appeal? Even better!
The way it works in Singapore, if you put in an appeal, there's a 50-50 chance that your original sentence will be deemed insufficient.... leading to an increase in jail time.
Punishment so light still wanna appeal.
I ask u if u murder charge reduced to manslaughter, u should be happy dun need appeal already.
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Originally posted by fudgester:
They want to appeal? Even better!
The way it works in Singapore, if you put in an appeal, there's a 50-50 chance that your original sentence will be deemed insufficient.... leading to an increase in jail time.
yong pung how retired liao leh ....
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Originally posted by Fatum:
you think china, hong kong, malaysia, indonesia etc dun have their own mlm meh ? ...
malaysia and hong kong got a lot more mlm scammers than singapore !
ha ha ha ha....... then they can exchange their 心德 among themselves.... to become super saiyan scammer!!
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Originally posted by fudgester:
They want to appeal? Even better!
The way it works in Singapore, if you put in an appeal, there's a 50-50 chance that your original sentence will be deemed insufficient.... leading to an increase in jail time.
i tink they are aware about this....they are just trying to buy time..... åž‚æ»æŒ£æ‰Ž....
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wonder whether they will be any payout for the victims whom bought the packages from them, i read the NEWpaper the other day which they state a website for victims to go in and enquire about the pay out, which i dont know how many % will that be.
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too light punishment
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Originally posted by QX179R:
Expired topic
http://www.sgforums.com/forums/3317/topics/395030THE flamboyant founder of Sunshine Empire, who amassed $180 million in 15 months, and his former director were jailed by a court on Friday for running a fraudulent scheme and for faking accounts.
James Phang Wah, 50, and former director Jackie Hoo Choon Cheat, 30, had enriched themselves by at least $8 million through Sunshine's multi-level marketing scheme.
Phang was sentenced to nine years jail and fined $60,000 while Hoo was jailed for seven years.
Phang's wife Neo Kuon Huay, 47, who was found guilty of falsifying payment vouchers together with Phang, was fined $60,000. They did this so that she could receive commissions amounting to nearly $1 million.
Some 20,000 people bought into the flashy scheme, which promised high returns on its lifestyle packages.
Sunshine sold these packages at its plush Toa Payoh Central office for over 15 months, before it was raided by officers from the Commercial Affairs Department (CAD) in November 2007. The packages ranged from $240 to $12,000 and offered attractive bonuses and incentives.
What was unique was its customer rebate points (CRP) system, which allowed participants to use the points to buy goods online. Phang and Hoo had assured participants that CRP was derived from the firm's turnover on its e-commerce platform.
Like other Ponzi-like schemes, rewards for participants came from fresh money secured from those joining later.
-- ST
Is the CPF also a Ponzi scheme?
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I hope the case will be Kong Hee and his wife go to jail
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Anyone have any idea how to get back e money? Cos e news seem nt clear abt wat is e procedure to retrieve our money... call e cad but they said jus wait for e result... result out already but did nt give public a clear ans of hw we gg to take back our hard earn money... disappointed!!!
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Anyone who know where TRAVIS TAN and CHAN YONG CHUAN is??Beware of this two cunning villain... Hopefully they will get their karma soon..
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well well well...the most despicable are those sg sluts who slept with these bosses for their money...
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Originally posted by googoomuck:
Is the CPF also a Ponzi scheme?
Ha ha ha ha.................... Gahment is the biggest scammer!!!!!!!!!!
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well well well...the most despicable are those sg sluts who slept with these bosses for their money...and BMWs
嗯。。。谢谢阳光大å¸�。。“è€�大”呀。。。
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Wah money n BMWs.. where do i sign up?
On a serious note, all these get-rich quick scheme works truly.. for a few years and then you'll end up in jail probably. I too think that the punishment were light, but perhaps it was due to their age? But isn't the law impartial.... ?
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at last!!!!