SINGAPORE: The head of the now-defunct multi-level marketing firm, Sunshine Empire, 49-year old Phang Wah has been sentenced to nine years' jail and fined $60,000.
He was convicted earlier this month on July 16 for several offences, including running a fraudulent trading company and falsifying accounts.
Phang's 46-year-old wife, Neo Kuon Huay was also fined $60,000 for her involvement in what is believed to be the biggest Ponzi-like scheme in Singapore.
The ex-company director, 29-year old Jackie Hoo Choon Cheat was sentenced to seven years' jail.
Phang and Hoo are each guilty of eight charges related to criminal breach of trust involving nearly a million dollars.
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Createwealth8888:
This type of scam is so bloody evil as it sucked in family members, relatives and friends into it and all of them die together and who else left to help them?
No matter how good the investment product including so-called solid blue chips, husband and wife, parents and children should avoid investing all together in the same investment product or stocks as part of family risk management.
Stop thinking "your money is your money" and "my money is my money" and "I want to make money for myself" and especially for husband and wife ...
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