Sunshine Empire Trio Appealing Against Sentences
The people behind the alleged Ponzi scheme, Sunshine Empire, are appealing their convictions, according to the 16th August 2011 edition of The Straits Times (Call for Sunshine Empire trio to get stiffer sentences) and Today (Sunshine Empire trio appeals against sentence). Prosecutors, however, pushed for heavier sentences.
The defense lawyers argued that Sunshine Empire was not a Ponzi scheme but a multi-level-marketing company. It is not an investment scheme and did not promise guaranteed returns. Sunshine Empire has also gone to Consumer Association of Singapore and the Commercial Affairs Department to clarify matters. None of the participants had lodged any complaints so far.
Prosecutors argued that the authorities “merely intervened before the scheme inevitably crashed” and things usually have “come to a grief” by the time complaints are lodged.
Prosecutors also pushed for harsher sentences. They asked for Pang’s sentence to be increased to nearly 14 years from 9, Hoo’s sentence to be proportionally raised and Neo to be sent to jail for 6 months.
Related Posts
Tags: Investment Blunder, Scams
I had a friend who gave up his university studies to be a full time Sunshine employee during their heydays. According to him, he was easily earning $6 – $8k per month as he was one of the earlier members of the sunshine group.
Ponzi schemes are especially dangerous if there are some fake business like telecommunications in Taiwan, which was what Sunshine advertised. Which is why i am very skeptical about businesses whose revenue depends upon new members joining and contributing monies
Am sure many investors who joined during the “sunset” period are cursing their luck.
A friend of mine was introduced to the scheme through his friend, who is a financial adviser. The worrying thing is that his financial adviser friend knew how such schemes work and told my friend ‘to act fast’…
My friend lost his ‘investment’ after CAD stepped in…