Sunshine Empire Trio Convicted
The Straits Times reported that the founder of Sunshine Empire was “found guilty by a district court for running a fraudulent scheme and for faking account“. James Pang Wah, Jackie Hoo Choon Cheat and Neo Kuon Huay will be sentenced on July 30. Those who have invested with Sunshine may want to check out the CAD website to get more information about possible refunds. According to the CAD new release, “Persons who have placed money with Sunshine Empire Pte Ltd are advised to wait for further updates by the CAD on the case.“
As the court proceeding for this Ponzi scheme reaches a conclusion, there are many others out there that should also be apprehended. The most notorious scam now revolves around gold. The investor is promised a high return for buying gold bars, which is sold at 20% higher premium than the market rate (sometimes also known as listed price). The return can start around 2% for a month to higher amounts for longer tenure. The company also promises to buy back the gold bar at the original purchased price (listed price). Different variations of the scam exists. A friend asked for my opinion on such a scheme about a month ago. He told me that many people in his company have invested. I can only hope that they can get back their money.
There have been more developments across the causeway where firms have been raid by their authorities. Here are the links
- A golden investment that sounds too good to be true
- Bank Negara Malaysia Investigates Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd
- 60 allege RM25m losses in gold scam
- Bank Negara probes The Gold Label
Bank Negara also maintains a site listing the ongoing probes. Some are familiar names in Singapore as well.
Do people ever learn?