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Home / singapore / Housewife you & # 39; unexpected & # 39; $ 35m ponzi scheme called for 14 years, Singapore News

Housewife you & # 39; unexpected & # 39; $ 35m ponzi scheme called for 14 years, Singapore News



SINGAPORE – A family that ran a ponzi scheme from 2010 to 2015 drove and captured 53 people over $ 35 million in total over 14 years.

Leong Lai Yee has included her victims to believe they would use the funds they've invested to buy and purchase "destroyed properties" for a profit.

Anxiety property is usually the result of a home owner who is unable to keep their mortgage. Such features are normally sold under market value.

The court heard that Leong, 55, also told her victims that they would use their investments for fund raising and take lucrative monthly returns. They have not used their funds for their intended purposes.

Deputy Secretary of State Kenneth Chin said: "In reality, Leong would use the monies taken from recent victims to pay their former victims, while giving in on their criminal justice."

She was convicted on Friday, May 17, until 14 years of prison found guilty of switching 50 taxes and one of & # 39; e advantages of their criminal activities. Another 806 exercises were considered during the judgment.

The Straits Times understands that Leong was a real estate agent, but she was no longer doing the crime.

From January 2010 to May 2015, she reported to her victims that in some prime districts they were buying certain property from vendors at & # 39; a limit of bankruptcy.

She told her victims that they had been investing with such features for many years for many years and that they had "insider knowledge" because of their obligatory relationships with a banker and a lawyer.

DPP Chin said: "The injuries told the victims that their funds are being used to buy such features. Furthermore, the accused told the victims that they would result in these properties being bought from foreign buyers, who would like to invest in Singapore Therefore, the higher prices, the difference between the prices, would make the profits earned by the victims. "

In 2014, she ran another ruse, telling some of her victims that they were financial start-ups.

They asked for their money to be invested with them, promoting months back from 7 percent to 9 percent.

In her ponzi scheme, her victims encouraged her to increase her investments. She also voted to encourage others to refer to their similar monetary practices.

The DPP added: "As a result, some investors have set up their family and friends to participate in an accused Ponzi scheme. The accusations have also convinced some victims to mediate their gold items or earn their CPF funds to invest them. "

The amount that is degrading in Leong's case is unprecedented, the DPP said.

In 2015, the Department of Commercial Affairs (CAD) received police reports through complaints against Leong.

But they left for Thailand on May 15 that before the start of their CAD their investigation into her case began.

The judge heard that they later came out of money and handed them over to the Singapore Embassy in Bangkok on 2 November 2017. She was arrested when she returned to Singapore two days later.

Leong has been an immense bank call since April 21, 2016, and many of his victims have been close friends.

DPP Ling said she had used her misleading wanted money for her own expenses, such as mortgage rates and family members.

Her wounds came into being when they began to leave early 2014. She told the victims that on May 18, 2015, she would return all the outgoing payments.

Leong could not fully repair her and decided to go to Singapore.

On Friday, DPP asked Chin District Court Hamidah Ibrahim to send Leong at least 14 to 15 years in prison, noting that they had not made a refund.

The defense adviser Tito Issac, however, plans to give his client between eight and nine years in prison. He also gave the judge that Leong was "impossible to understand".

For every search, she could be wounded and arrested for up to 10 years.

This article was first published in The Straits Times. Need permission for reproduction.

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