A former financial adviser pleaded guilty on 27 October after cheating 82 people into handing over S$8,694,169 following the failure of an investment scheme.
Their actual losses totalled S$5,234,294.
The 26-year-old admitted to 22 charges, including cheating, forgery, transferring criminal proceeds and providing false information to a public servant. Another 68 charges will be considered during sentencing, Lianhe Zaobao reported.
Collected More Money After Investments Failed
By early 2023, he knew his investment scheme had failed. He then solicited more money through deception, targeting friends, relatives and people connected to his clients.
None of the newly collected money was invested. He used it to pay earlier investors and gambled away the remainder.
Sentencing In November
The court adjourned sentencing to 13 November.
