Sunshine Empire’s James Phang gets 9 year jail sentence
The law has caught up with Sunshine Empire’s mastermind James Phang. Phang who was sentenced to 9 years’ jail term and $60,000 fine. Phang’s wife, Neo Kuon Huay was fined $60,000. Former director Jackie Hoo Choon Cheat was sentenced to 7 years’ jail. The trio will be appealing against their convictions. These were reported in the 31th July 2010 edition of The Straits Times.
The Sunshine Empire collected $180m from selling 26,000 packages. James Phang collected more than $7m in “consultancy fees’ while Jackie Hoo got about $950,000. James Phang’s wife was paid $950,000. However, there is bad news for the thousands of investors – they are likely to get little nothing back and only $21m have been recovered.
In a Straits Times report on 24th October 2007, James Phang was quoted as saying “I’m a legend – better than Warren Buffett“. In another report on 15th Nov 2007, Sunshine Empire’s spokesman Mr Kegan Lee said that “company executives would be most happy to meet CAD officers to explain its business activities” after CAD started investigations.
Sunshine Empire will certainty not be the last of the scams to go bust. It is just one out of the many scams out there. Some of them are mocking the legal system here saying that there are operating a legal business since the authorities in Singapore, a country with strict laws, are allowing them to operate here. The CAD certainty have its work cut out if there are serious in stamping out such fraudulent schemes in Singapore.