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Sunshine Empire

>> Tuesday, July 20, 2010

The founder of Sunshine Empire, James Phang Wah, his wife Neo Kuon Huay and Sunshine director Jackie Hoo Choon Cheat were found guilty by the court for their roles in running a fraudulent ponzi scam, Sunshine Empire.

They will be sentenced on 30th July 2010.

Their packages promised high returns. In reality, the returns were derived from the money that were from newer investors. Encouraged by the attractive returns, the initial few drew more into the scheme. However, after 15 months, this was not sustainable and they were eventually found out.

Do not fall prey to such schemes, refer to MAS website for the Alert List.

Posted by Lau at 11:00 PM
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