Crime does not pay.
Especially MLM and Ponzi schemes. That’s one of the worst kind of crime one can commit towards family and friends.
In case you’re too young to know about this, Sunshine Empire was a company which was involved in Ponzi/Pyramid scheme around 10 years ago.
(In simple England: A pyramid scheme is a business model that promises you money for recruiting others into the scheme. No real sale of products or services are involved)
At the end of the trial back in July 2010, James Phang Wah, founder of Sunshine Empire, was sentenced to nine years’ jail and fined $60,000.
Phang’s wife, Neo Kuon Huay was also fined $60,000 for falsifying payment vouchers. Former company director Jackie Hoo Choon Cheat was sentenced to seven years’ jail.
To be frank, I never thought I would hear news about Sunshine Empire ever again. (Perhaps Phang would release a book or something 10 years down the road, but who knows?)
A day after being released from prison in Singapore, Phang is now facing two charges for accepting deposits without a valid license between 2006 and 2008 for Sunshine Empire Sdn Bhd Malaysia.
Phang has decided to plead not guilty to the charges on Thursday, 21 Dec. If convicted, Phang will be facing a maximum fine of RM10 million or a prison term of 10 years per charge, or both.
“He felt shocked. He did not know, he was not ready in fact to be charged in Malaysia. He thought initially that the case was over in Singapore and the Malaysian government or authorities would not charge him for whatever offences he was seen to have done in Malaysia. But unfortunately turn of events, he’s charged now in Malaysia,” said Phang’s lawyer, Shah Rizal Abdul Manan.
(Damn, I would be shocked too.)
The defence lawyer said that Phang had not been able to work and needed money for treatment for the health complications he suffered while he was in jail, arguing for a lower bail to be set.
So, if I understand correctly, he’s currently facing 20 years’ worth of jail? Whoa, that’s a tight slap across the face for someone who had just been released from prison.
Singaporean James Phang Wah, previously convicted in Singapore over a Ponzi scheme, arrives at KL Sessions Court to be charged under BAFIA 1989. pic.twitter.com/s8FcI6qeyA
— Sumisha Naidu (@SumishaCNA) December 21, 2017
I don’t know, man. Ponzi and Pyramid schemes are indeed horrible things, but did he really deserve another 20 years in jail?
For now, let’s just wait and see how things would go for him. Let this be a warning to those thinking of getting into such schemes!
Remember: If something sounds too good to be true, it probably is!
Since you’re here, why not watch a video about a guy who lodged a Police report here in Singapore because he was friendzoned? Seriously. Here, watch it and do remember to share it (and also subscribe to Goody Feed YouTube channel)!
This article was first published on goodyfeed.com
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Here's a summary of the Chocolate Finance saga, simplified so even a non-finance kid can understand:
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