Sunshine Empire founder charged with illegal deposit taking in Malaysia

·Editorial team

21 December 2017 at 2:27 am

A day after his release from a jail sentence in Singapore for fraud, the former director of multi-level marketing (MLM) company Sunshine Empire was charged in a Kuala Lumpur court for allegedly accepting illegal deposits for “lifestyle packages”.

On Thursday (21 December), Singaporean James Phang Wah, 58, was charged with two counts of taking illegal deposits between 14 July and 17 October 2006, and between 18 October 2006 and 4 April 2008 while he was assisting the management of Sunshine Empire’s Malaysian affiliate, Malaysian media reported.

Phang pleaded not guilty to the charges. He faces a fine of up to RM 10 million (S$3.3 million), a jail term of 10 years, or both for each charge. Bail has been set at RM 2 million. Phang has also been asked to surrender his travel documents and report to a police station once a month.

The case will be mentioned again in KL on 26 January 2018.

Singapore investors duped

The “lifestyle packages” sold by Sunshine Empire promised investors high returns. In reality, the returns were generated from new investors instead of from actual profits. The MLM company sold close to 26,000 packages, in what is believed to be the biggest Ponzi-like scheme here, before it was shut down by the Singapore authorities.

In July 2010, Phang was sentenced to nine years’ jail and fined $60,000. Phang’s wife, Neo Kuon Huay, was fined $60,000 for her involvement with the scam, while former company director Jackie Hoo Choon Cheat was jailed seven years.

The Singapore authorities recovered only S$21 million of some S$190 million poured in by investors.

Related

How to spot an investment scam

Bitcoin warnings grow more strident as Singapore urges ‘extreme caution’

The Telegraph
Listen: Biden says he is ‘first black woman to serve with a black president’
Joe Biden has said he is “proud” to be the first “black woman to serve with a black president” in one of a series of verbal gaffes as the USA celebrated Independence Day.
NextShark
74-year-old woman dies after being shoved in front of San Francisco train
Corazon Dandan died after being pushed into an oncoming BART train at San Francisco’s Powell Street Station at around 11 p.m on Monday night. The suspect, 49-year-old Trevor Belmont, also known as Hoak Taing, was arrested at the scene and booked into the San Francisco County Jail on suspicion of homicide and elder abuse. Dandan, who was Filipino American, was a dedicated telephone operator at the Westin St. Francis and other hotels.
The Daily Beast
Conservatives Routed in Worst Election Result for 200 Years
LONDON—The Conservatives, the world’s winningest political party, were booted out of power in dramatic style on Thursday after 14 years of chaotic and divisive rule.The Labour Party had secured a landslide victory, ending an era of Conservative rule over Britain that stretches back to 2010; the year that the iPad and Instagram were launched and Lady Gaga wore that meat dress to the MTV music awards.In that time, the Conservatives have cycled through five leaders, each of them dragging the party
The Telegraph
Biden ‘seriously considering’ leaving election race
Joe Biden has for the first time said that he is considering ending his presidential campaign, according to reports.
Cinema Online
Joyce Chen confirms she has become a mother
The TVB actress shares photos of her and her daughter, not revealing partner's identity
Cosmo
Jade Thirlwall frees the nipple in a see-through chainmail top
Jade Thirlwall appears on the cover of beat magazine wearing a see-through chainmail top to free the nipple. See the image shared on social media, here.
The Independent
A couple rented an Airbnb from a ‘friendly’ landlord. Then they wound up dismembered in a suitcase
Michael Lee Dudley seemed like a typical Washington homeowner – until three teenagers stumbled across a suitcase of horrors on a beach
The Telegraph
Beijing is laughing at the West’s weakness
Russian aggression in Ukraine poses a threat to world peace and stability. China provides material support for Russia’s actions. All this is entirely clear. In Beijing, immediately after a meeting with Xi Jinping in April this year, US Secretary of State Antony Blinken said that “Russia would struggle to sustain its assault on Ukraine without China’s support”. This included selling huge quantities of machine tools and micro-electronics that would be used in the Russian defence industry.
Hello!
Maya Jama's racy red latex plunge dress is seriously spicy
The Love Island host just raised heart rates around the globe in a seriously sultry red latex dress. See photos
Bloomberg
These flight routes suffer the world’s worst turbulence
A series of incidents that left scores of airline passengers needing medical attention has shone a spotlight on the problem of severe in-flight turbulence.
Hello!
Rod Stewart, 79, rocked by divorce news: report
In a surprising turn of events Rod Stewart has received some shocking divorce news. See details.
CNN
9 out of 10 voters say there are important differences between Biden and Trump. Here’s what they see as the biggest ones
If there’s one thing that American voters overwhelmingly agree on, it’s that this year’s presidential election presents a stark choice. In the latest CNN poll by SSRS, 91% of registered voters say they see important differences between President Joe Biden and former President Donald Trump, dwarfing even the 77% of voters who said last fall that there were significant divides between the Democratic and Republican parties. Even among the so-called “double haters” – those with unfavorable views of
INSIDER
How Obama mentored the new UK prime minister to help him tell his story
The leader of the Labour Party, Keir Starmer, has been mentored by Barack Obama. The relationship is likely to continue if Starmer wins the UK election.
BuzzFeed
"It Was The Worst Betrayal I Have Ever Experienced": People Are Revealing The Shocking Reason Why They Don't Speak To Their Sibling Anymore
"Once it became clear he was committed to those ugly morals, I told him never to contact me."
Evening Standard
All change: When will Rishi Sunak have to move out of Number 10 — and where could he live next?
With the removal vans on standby, the current prime minister has a portfolio of high-end properties to choose from
The Telegraph
Wife wars? The real reason the Obamas are not standing up for Biden
When Joe Biden was inaugurated as the 46th President of the United States in 2021, much was made of his wife Dr Jill Biden becoming the first First Lady ever to hold a salaried outside job.
The Smart Investor
4 Reliable Singapore Dividend Stocks That I Never Intend to Sell
There are good reasons not to let go of a great dividend-paying stock. Here are four of them I plan to hold for the rest of my life. The post 4 Reliable Singapore Dividend Stocks That I Never Intend to Sell appeared first on The Smart Investor.
Hello!
Amanda Holden almost bears all in glamorous shower video from lavish bathroom
BGT's Amanda Holden looked sensational when she almost bore all in a candid shower video. See video.
The Independent
Voices: Tory downfall: The 9 reasons it has all gone wrong for Rishi Sunak
A series of world events, poor decisions and fatal gaffes conspired to see Rishi Sunak lead the Tories to the worst electoral defeat in his party’s 346-year history
The Telegraph
Zelensky U-turns as he invites Russia to attend peace summit without giving up land
Volodymyr Zelensky has invited Russia to the next peace summit despite previously saying it could only join if it relinquished land in Ukraine.

Latest stories